The impressive rally for Ethereum Layer-1 competitor Solana (SOL) continues as the altcoin registers another 12% gain on the daily chart. At press time, SOL is trading 11.97% up at $36.34 and a market cap of $15.2 billion.
Solana Price Gives A Bullish Breakout
Amid its current price rally, Solana has given a breakout above its 300-day resistance of $35, thereby opening the gates for a further rally to $40. Interestingly, the recent price surge has been backed by an impressive 150% in the 24-hour trading volumes.
Amid the current rally, the SOL price is also up by a staggering 80% over the last two weeks, thereby recuperating all the losses over the past year.
Looking at the daily chart, Solana’s price movement has taken on a V-shaped recovery pattern, rebounding from its low point at $17.4. This upward momentum is accompanied by a notable surge in trading volume, indicating strong buyer confidence and a collective push to drive the asset’s value higher.
Also, data from CoinGlass shows that more than $4.3 million in Solana short liquidations took place over the last 24 hours.
SOL Price Predictions
Amid the current breakout, the immediate target for Solana on the upside would be $40. Breaking past that would open up gates to further price rally up to $50 and beyond.
Financial giant VanEck recently published a report expecting a 10,600% price rally in Solana by the year 2030. In the optimistic scenario, VanEck expects the SOL price to touch $3,211.28 by the year 2030.
The report delves into a scenario in which Solana becomes the first blockchain to host applications with over 100 million users.
Furthermore, it outlines how Solana aims to narrow the gap with Ethereum in the future. VanEck, an active participant in the crypto space through its submissions of Bitcoin ETF applications to the SEC in recent years, may potentially introduce more products, including those related to Solana, in the coming times.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.