SOL has been hovering below the $240 psychological level most days in December and now stands at $216, 18% below its all-time high of $263 recorded in November. Still, despite the dip, SOL trades 201% higher than the year before. 

Some analysts set a target of $850 for SOL based on the Multi-Moving Bands (MMBs). That would translate into a 293% increase from the current price. However, $750 is a more realistic goal for mid-2025. 

Meanwhile, the Layer-2 solution PlutoChain (PLUTO) might build upon Bitcoin’s secure infrastructure and engaged user base to potentially introduce an entirely new ecosystem of decentralized applications (dApps). 

Let’s take a closer look below!

Could Solana Become a Top 3 Cryptocurrency Again After the Launch of SOL ETFs?

Solana built a reputation as a fast, low-cost, scalable network perfectly suited for dApps and new token launches. Its ability to handle 65,000 transactions per second leaves blockchains like Bitcoin or Ethereum far behind.  

This is the main reason leading projects like Magic Eden, Raydium, and Pump.fun choose Solana over competitors. 

On top of that, institutional interest in SOL grew immensely this year. Major fund managers like VanEck and 21Shares have already issued their SOL-based exchange-traded products (ETPs). 

Eric Balchunas, senior analyst at Bloomberg, predicts an influx of new exchange-traded funds (ETFs) next year, including an SOL ETF. This may make SOL more accessible to a wider range of investors and push its price up. 

Technical indicators also point to a bullish course. Some analysts point out a falling wedge pattern that suggests SOL could break out in the upcoming months and hit $750 in early to mid-2025. 

However, there’s always a possibility that competition, regulatory changes, and broader market swings would get in the way. 

Once the third-largest cryptocurrency by market cap, SOL now ranks fifth, outpaced by Ethereum, USDT, and XRP. XRP’s market cap exceeds SOL’s by nearly $40 million, partly because Ripple has formed strategic partnerships with financial institutions to expand XRP’s utility. 

To regain its leading position, Solana needs to prioritize updates that resolve its lingering problems like outages and enhance its accessibility. 

PlutoChain May Pioneer Bitcoin Layer-2 Sector Potentially Introducing New Applications 

The main reason behind Solana’s popularity is its scalability. Now more than ever, users and developers seek reliable, resilient networks that would handle a constantly growing number of applications.

Bitcoin is reliable but far from scalable–its block times are averaging 10 minutes. Lack of development tools is another barrier for Bitcoin’s adoption beyond a transnational network. 

PlutoChain (PLUTO) may resolve these shortcomings. 

Through the introduction of smart contracts, PlutoChain could enable the development of native dApps that tap into Bitcoin’s multi-trillion-dollar economy.

Additionally, its compatibility with the Ethereum Virtual Machine (EVM) could allow developers to migrate their apps from Ethereum to the world’s leading blockchain. 

PlutoChain’s testnet now handles over 43,000 daily transactions. If PlutoChain were to offload such a large portion of transactions from the main network, it could significantly improve its speeds and reduce fees. 

This advancement could potentially make Bitcoin a viable option for complex decentralized finance (DeFi) and GameFi applications while preserving its fundamental benefits.

PlutoChain Commits to Transparency and Security Through Its Decentralized Structure 

PlutoChain’s philosophy centers around its community. Early adopters can propose innovations for product enhancements, strategic partnerships, and smart contract development. 

During community review, users can contribute feedback to refine proposals and assess potential consequences. This diverse input guarantees proposals serve the best interests of the entire community.

In addition to this, security firms SolidProof, QuillAudits, and Assure DeFi have verified that PlutoChain has robust measures in place to protect user information and funds.

Scalable Solutions Might Dominate the Future of Blockchain Technology 

Solana has great potential to hit $750 this market cycle due to its growing dApp ecosystem and strong technical indicators. The possible launch of SOL ETFs that would drive institutional adoption could accelerate this growth. 

Meanwhile, PlutoChain (PLUTO) might unlock new opportunities for development and value creation within the Bitcoin ecosystem. PlutoChain’s smart contracts, EVM interoperability, and strong developer community, coupled with Bitcoin’s resilience and massive user base, could reshape the entire blockchain industry. 

This transformative potential might make PlutoChain a project worth watching during this bull run.

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Remember, this article is not financial or trading advice. All cryptocurrencies are volatile, and past performance is not a guarantee of future results. Always conduct your own research and/or consult with experts before making any crypto-related decisions. Trade responsibly. Forward-looking statements are uncertain and might not be updated.