Solana Price Target: $520, Says VanEck in Bullish Forecast

• VanEck has predicted that Solana (SOL) could hit a price tag of $520 by the end of the year.
• The firm predicted that SOL’s share in the smart contract platform sector would soar from 15% to 22%. 
• VanEck also expects a 43% surge in the market cap of the SCP sector in the coming days.

VanEck, the asset management firm with an AUM of $113 billion, has predicted that SOL, the native token of the Solana blockchain, could hit a price tag of $520 by the end of the year. 

Meanwhile, the altcoin has already crashed 20% in the past week and trades at $190 at the time of this writing with a valuation of $93 billion, shows CoinMarketCap.

VanEck’s Bullish Prediction: The Reasoning

VanEck’s bullish prediction is based on the possible surge in Solana’s share in the broader smart contract platform (SCP) market. The valuation of the SCP sector depends on the M2 supply (basically, the total amount of money circulating in the economy), and the asset management firm forecasts the M2 supply will grow to $22.3 trillion by 2025, maintaining a steady 3.2% annual growth rate since its last trough in October 2023.

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