Solana's Impressive Rise: VanEck Predicts Price Surge, Outpaces Major Cryptos
Summary:
Solana (SOL), a rival to Ethereum, has seen its price rise impressively, surpassing $32 this week. Asset management firm VanEck predicts Solana's price could range from $9.81 to $3,211.28 by 2030. The report also speculates Solana becoming the first blockchain to support over 100 million users. Demonstrating significant growth, Solana has overtaken major cryptos like Bitcoin (BTC) and Ether (ETH), with its DeFi total value locked (TVL) reaching $378 million. However, technical charts suggest a potential slight pullback before an anticipated massive surge.
Solana, an Ethereum layer-1 competitor, has shown significant power, with SOL's price catapulting above $32 this week. Projections suggest continued price upswings, and asset management firm VanEck has offered considerable price predictions. According to a VanEck report on Solana, various valuation scenarios put SOL’s price somewhere between a modest $9.81 and a lofty $3,211.28 by 2030; for comparison, Ethereum’s target price is $11,800. This implies an astonishing price surge for Solana of 10,600% over the next seven years. The report also explores a situation where Solana could become the first blockchain to support apps with over 100 million users. It further underscores Solana's potential to close the gap with Ethereum going forward. VanEck has been active in the crypto space, applying for Bitcoin ETFs with the SEC in recent years. Thus, it's feasible that the finance giant may launch more products, potentially including for Solana, in future. Solana (SOL) has risen as a dominant player among the top ten cryptos, boasting a remarkable over 200% growth since the outset of 2023. As a result, Solana has leaped ahead of major rivals, including Bitcoin (BTC) and Ether (ETH). Simultaneously, Solana’s DeFi total value locked (TVL) has soared to a noteworthy $378 million. Despite the strong performance, technical charts hint at a possible partial pullback for Solana before the projected massive rise. The Daily Directional Movement Index (DMI) signals growing control by sellers on the daily chart, calling for immediate bull action to retain the gains made amid the crypto market's synchronized ascension with Bitcoin's notable leap to $35,000 earlier this week. Failure to do so could expose Solana’s price to risks, potentially pushing it down under the $30 threshold. Traders mulling over short SOL positions may contemplate selling against the USD, a move supported by the falling blue +DI line and the ascending red -DI line. This pattern suggests increasing bearish influence and a potential shift toward a bear market, which could lead to a 15% fall in Solana’s price from its current $27 valuation. This aligns with a nearby support level, reinforced by the 21-day Exponential Moving Average (EMA).
Published At
10/28/2023 9:13:58 AM
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