Klaytn (KLAY) price prediction: how high can the market’s new favourite coin go?
Blockchain project Klaytn and its native token KLAY have become very popular in 2021, with the coin’s price skyrocketing after trading sideways for most of its existence. Yet can the coin maintain the momentum and what factors will shape the KLAY price predictions going forward?
What are Klaytn and its native coin, KLAY?
Klaytn is a blockchain project launched by Kakao – one of the Korean internet giants. The project’s official description is that it is a service-centric, enterprise-grade platform that aims to bring a user-friendly blockchain experience to the masses, and as such, it is committed to offering high performance, flexible scalability solutions, fast response time and more.
It achieves this by combining aspects of private and public blockchains and delivering the best that the two have to offer. From the public chains, it borrowed decentralisation of data and control, distributed governance, and the like, while from the private chains, it took scalability and low latency.
There is also the native Klaytn token – KLAY – which acts as the project’s official cryptocurrency. It is currently the 18th largest coin in the world by market capitalisation, although earlier this year it was in 13th place. At the time of writing (5 April), KLAY is trading at $3.64, after a correction took place last week. While it is a bit off its all-time high of $4.38, it is still quite elevated, given that the coin was sitting at just $0.60 around 17 February.
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What’s behind the latest KLAY price rally?
There has been a lot of positive Klaytn news in 2021, which might explain why the coin has suddenly seen quite a surge. For example, the project recently revealed that its blockchain would be used by Korea’s top newspaper for digital transformation. However, the biggest development is undoubtedly the fact that Klaytn’s non-fungible tokens (NFTs) will soon appear on OpenSea – the world’s largest marketplace for NFTs.
The NFT market has exploded over the past several months, particularly in March: indeed, every celebrity or major organisation seems to have come up with an NFT. With Klaytn going big in the NFT space, the project is being more readily and widely adopted, which is beneficial for it and the broader crypto industry alike.
With such major developments, the project and its native coin have attracted a lot of attention and money.
KLAY price analysis
KLAY is a relatively new cryptocurrency. It launched just over year ago, in late March 2020. Unlike many other coins, KLAY did not undergo an immediate price surge followed by a drop that resulted in it moving sideways for an entire year.
Originally trading between $0.06 and $0.09, KLAY moved to $0.30 on 8 June last year, before dipping to $0.17. In early August, it started rising again alongside the rest of the market, hitting $0.80 by the end of the month. This was followed by yet another price correction to $0.46, after which the coin's value remained calm until mid-February 2021.
Once Bitcoin (BTC) and Ethereum (ETH) started skyrocketing and setting new record highs, and with the NFT market exploding and the DeFi sector staying in the spotlight, KLAY's price started to rise at a rapid pace.
It first grew from $0.64 on 15 February to $1.61 on 22 February. This was when it first encountered major resistance, but it quickly overcame it. However, this surge did more than just help it increase in value – it exposed it to investors and traders as a token that was performing incredibly well. This is why KLAY was able to keep on rallying, even after BTC and ETH lost their spark and started seeing corrections. While the rest of the market followed the coin giants, KLAY kept surging, reaching $4.38 on 2 April.
Klaytn (KLAY) price prediction for 2021 and beyond: what to expect and when
Whenever a crypto project explodes or attracts attention for any reason, price forecast requests emerge. The situation is no different with KLAY, with many now wondering: is it profitable to invest in Klaytn?
To answer that question, let’s take a look at several Klaytn predictions offered by various sources.
The first Klaytn price prediction comes from Wallet Investor. Its analysis indicates that the KLAY price will continue to go up over the next several years, while its one-year forecast expects the coin to hit $5.6 in the next 12 months.
Giving a positive KLAY prediction, service sees the coin reaching $13.371 in early 2026. While you should not take their word for it without question, it is a good starting point while you are making your own KLAY/USD forecast.
If you often consult different services for price predictions, you likely know how rare it is for their estimates to match. However, another Klaytn price forecast, offered by Digitalcoin, surprisingly has the exact same outlook for the coin as Wallet Investor. Digitalcoin's analysts also seems to believe that KLAY could go up to $5.35 by the end of 2021 and to $6.60 by 2022. As for 2026, their Klaytn crypto price prediction is at $13.64, slightly opposed to Wallet Investor’s $13.37.
Once again, there is no guarantee that the price will move according to these forecasts, but it is good to see multiple services coming to the same conclusion.
What is your view: will the Klaytn (KLAY) price go up further this year or will it fall lower and what factors are determining your KLAY crypto price prediction?
FAQs
Is Klaytn a good investment for the future?
This is up to each investor to decide, but Wallet Investor believes it to be an “outstanding long-term (1-year)” investment opportunity.
Will Klaytn reach $5 in 2021?
Many people believe that this is not only possible, but that it's a certainly in months to come. But, of course, there are no certainties, and we have to wait and see.
What will be the highest price of Klaytn (KLAY) in the future?
This is something that nobody can tell, as the crypto industry remains as unpredictable and volatile as ever.
What will Klaytn (KLAY) be worth in 1, 3, 5 years?
According to current predictions, the KLAY price is expected to rise constantly over the following years. Whether that will actually happen remains unknown, but if it does, KLAY could easily go beyond $10 by 2025.
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