Can Solana reach $400?

Could you possibly elaborate on the likelihood of Solana attaining a value of $400? Given the current market conditions, technological advancements, and competition within the crypto space, what factors might contribute to such a significant increase in its price? Furthermore, are there any specific events or developments that investors should be keeping an eye on that could potentially impact Solana's future price trajectory? Additionally, what are the potential risks and challenges that could hinder its ability to reach such a high price point? Your insights would be greatly appreciated.