Ethereum Layer-1 competitor Solana has delivered a strong performance with the SOL price rallying above $32 earlier this week. While analysts expect the Solana price rally to continue ahead, VanEck has given some monumental price predictions.
VanEck – Solana to Rally 107x by 2030
A report on Solana from the reputable asset management firm VanEck has sparked extensive conversations. The report presents various valuation scenarios for Solana, projecting a SOL price ranging from a pessimistic $9.81 to an optimistic $3,211.28 by 2030 (for comparison, the Ethereum target price is $11,800).
This would be a staggering 10,600% price rally for Solana over the next 7 years. The report also explores a scenario where Solana becomes the inaugural blockchain to host applications with more than 100 million users.
Also, the report goes to show how Solana will close the gap with Ethereum going ahead. VanEck has been actively participating in the crypto space by submitting its Bitcoin ETF applications to the SEC over the past few years. Thus, the financial giant could possibly release more products, including for Solana, going ahead.
SOL Price Prediction
Solana (SOL) has been one of the top performers among the top ten cryptocurrencies with more than 200% gains since the beginning of 2023. As a result, Solana has also outperformed top players like Bitcoin, Ethereum, etc. At the same time, Solana’s DeFi TVL has reached a staggering $378 million.
But as per the technical chart, Solana could see some partial retracement before the mega rally ahead.
The Directional Movement Index (DMI) observed on the daily chart signals a strengthening grip by sellers, requiring swift action by the bulls to protect the gains accumulated since the crypto market began moving in tandem with Bitcoin’s remarkable surge to $35,000 earlier this week.
Failure to do so could put Solana’s price in a precarious position, risking a decline below $30. Traders looking to initiate short positions on SOL may contemplate selling against the USD, as indicated by the declining blue +DI line and the ascending red -DI line.
This pattern suggests an increased bearish influence and the potential for a market sell-off, leading to a 15% drop in Solana’s price from its current value of $27, which corresponds to a local support level reinforced by the 21-day Exponential Moving Average (EMA).
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.