- Solana, an Ethereum Layer-1 competitor, demonstrated strong performance by surging above $32 earlier this week.
- The report also examines the scenario of Solana being the first blockchain to host over 100 million users.
- Solana (SOL) has been one of the top performers among the top ten cryptocurrencies, delivering over 200% gains since the beginning of 2023.
VanEck, a major asset management firm known for its ETF offerings, has explored how Solana’s price might progress in its recent Solana report.
VanEck Releases a Prediction Report for Solana
Solana, a rival to Ethereum Layer-1, showed strong performance by surpassing $32 earlier this week. Analysts expect the Solana price rally to continue, and VanEck made some huge price predictions.
A comprehensive report from the respected asset management firm VanEck has sparked debates. The report presents various valuation scenarios for Solana, ranging from a pessimistic scenario of $9.81 to an optimistic scenario of $3,211.28 by 2030 (for comparison, Ethereum’s target price is $11,800).
This would represent a massive price rally of approximately 10,600% for Solana over the next seven years. The report also explores the scenario of Solana becoming the first blockchain to host over 100 million users in applications.
Additionally, the report suggests that Solana will bridge the gap with Ethereum in the future. VanEck has been actively involved in the crypto space, having submitted Bitcoin ETF applications to the SEC over the past few years. Therefore, this financial giant could release more products in the future, including Solana.
SOL Price Prediction
Solana (SOL) has been one of the top performers among the top ten cryptocurrencies, delivering over 200% gains since the beginning of 2023. As a result, Solana has outperformed leading players like Bitcoin and Ethereum. Additionally, Solana’s DeFi TVL reached a surprising $378 million.
The Directional Movement Index (DMI) observed on the daily chart signals that sellers are gaining a grip, requiring bulls to move quickly to protect gains obtained earlier this week alongside the significant rise in the crypto market due to Bitcoin’s rally.
Failure to do so could place Solana’s price in a precarious position, risking a drop below its current value of $27 and potentially leading to a 15% decline in Solana’s price corresponding to a local support level supported by the 21-day Exponential Moving Average (EMA). Therefore, traders considering short positions on SOL may contemplate selling against USD, as indicated by the decreasing blue +DI line and rising red -DI line, suggesting an increasing selling pressure and potential market sell-off, leading to a drop below the current value of $27.
