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Solana, a competitor to Ethereum’s layer-1, has demonstrated impressive strength as SOL’s price surged above $32 this week. Analysts anticipate further price gains, and VanEck has shared significant price forecasts.
A report on Solana from the asset management company VanEck has outlined diverse valuation scenarios for Solana, forecasting SOL’s price to range from a conservative $9.81 to an ambitious $3,211.28 by 2030 (in comparison, Ethereum’s target price is $11,800).
This equates to an astounding 10,600% price surge for Solana in the coming seven years. The report also delves into a potential scenario where Solana becomes the first blockchain to accommodate applications with over 100 million users.
Furthermore, the report illustrates Solana’s potential to narrow the distance between itself and Ethereum in the future. VanEck has been notably engaged in the cryptocurrency arena, having submitted Bitcoin ETF applications to the SEC in recent years. Therefore, it is plausible that the financial behemoth may introduce additional products, potentially even for Solana, in the future.
Solana (SOL) has emerged as a standout performer within the top ten cryptocurrencies, showcasing impressive growth exceeding 200% since the start of 2023. Consequently, Solana has surpassed major contenders, including Bitcoin(BTC) and Ether(ETH). Concurrently, Solana’s DeFi total value locked (TVL) has surged to an impressive $378 million.
However, based on the technical chart, there might be a potential for a partial pullback in Solana before the anticipated significant surge. The Daily Directional Movement Index (DMI) indicates an increasing hold by sellers on the daily chart, necessitating prompt action from the bulls to safeguard the gains amassed since the crypto market aligned with Bitcoin’s notable rise to $35,000 earlier this week.
Neglecting this action could potentially place Solana’s price in a vulnerable state, potentially leading to a drop below the $30 mark. Traders considering short positions for SOL may consider selling against the USD, as suggested by the decreasing blue +DI line and the rising red -DI line.
Related: Solana Labs launches Web3 incubator offering dev and fundraising support
This pattern indicates a heightened bearish impact and the possibility of a market downturn, which could result in a 15% decrease in Solana’s price from its current valuation of $27. This aligns with a nearby support level, bolstered by the 21-day Exponential Moving Average (EMA).
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