Soneium: Sony's New Layer-2 Blockchain Solution Could Significantly Impact Ethereum's (ETH) Price Trajectory

As Ethereum (ETH) continues to solidify its position as the leading blockchain platform for decentralized applications, a new development has been announced that could significantly impact its price trajectory.

Ethereum (ETH) price continues to show resilience as it trades above the $2,600 level,менту following the recent announcement of a new Layer-2 blockchain development.

The second-largest cryptocurrency by market capitalization was trading at $2,658 by 00:34 ET (04:34 GMT) on Monday, showing a gain of 1.36% over the past 24 hours. ETH had also risen 3.4% over the past seven days, and showed a year-to-date (YTD) gain of 16.5%.

The latest development to impact ETH price was the announcement of a new Layer-2 blockchain, named “Soneium”, by Sony Block Solutions Labs, a venture between the Sony Group and Singapore-based Startale Labs.

The Soneium blockchain was designed to attract app developers across a wide range of sectors, including entertainment, gaming, and finance. It was built using rollup technology on the Optimism (OP) Stack.

According to Finbold analysis, the launch of the Soneium blockchain, an Ethereum Layer-2 (L2) network, could lead to a potential surge in ETH price, with ripple effects expected across several other cryptocurrencies.

In light of this development, Finbold has leveraged ChatGPT-4, OpenAI's most recent and advanced AI chatbot model, to offer insights into how Ethereum is likely to trade, considering the key factors influencing its future price trajectory.

Impact of Soneium on Ethereum's price

The entry of Sony into the blockchain space with Soneium marks a significant milestone for the Ethereum ecosystem. Soneium is built using rollup technology on the Optimism (OP) Stack.

The Soneium blockchain is set to leverage Ethereum’s scalability and decentralization while integrating with Sony’s extensive product portfolio, including Sony Music, Sony Pictures, and Sony Bank, over the next two years.

This integration has the potential to significantly increase demand for Ethereum by driving network activity within Sony’s ecosystem, which will directly lead to upward pressure on Ethereum’s price.

For instance, Optimism, the technology underpinning Soneium’s roll-up mechanism, could see increased adoption and value as more projects integrate with Soneium.

Additionally, Chainlink (LINK) is expected to play a crucial role in providing real-world data to Soneium, driving demand for its services and the LINK token.

The Graph (GRT), which offers indexing and querying services for blockchain data, is likely to benefit as Soneium’s ecosystem grows and more decentralized applications (dApps) require efficient data management solutions.

Astar Network (ASTR), which is integrating its zkEVM project into Soneium, could also see a boost in visibility and utility, potentially driving up the value of the ASTR token.

ChatGPT-4’s Ethereum price prediction

According to ChatGPT-4, a price outlook for Ethereum appears increasingly bullish.

In the short term, as Soneium progresses toward its testnet launch and initial integrations with Sony's products, we could see ETH targeting a price range of $2,800 to $3,000 by the end of Q4 2024.

This growth would be supported by the anticipation of increased network activity and the positive market sentiment surrounding Ethereum's expanding role in the blockchain space.

Looking further ahead, if Soneium achieves its integration goals and onboards a significant number of enterprises and developers, ETH's price could rise substantially.

By mid-2025, we might see ETH trading in a range of $3,500 to $4,000, driven by sustained demand for its network capabilities and the growing adoption of its Layer-2 solutions.

In conclusion, as this new Layer-2 solution enhances Ethereum's scalability and attracts major enterprise adoption, the demand for ETH is likely to increase, driving its price higher. The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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