The impressive price rally that has been hitting Ethereum Layer 1 competitor Solana (SOL) continues with over 6% increase in the daily timeframe chart. At the time of writing, SOL’s price is trading at $36.48, up 6.97%, hinting at $40 and $50 levels.
Price Increase of Solana Continues at Full Throttle
In the midst of the ongoing price rally, Solana has surpassed the $35 level, which is a 300-day resistance level, opening the doors towards $40. Notably, the recent increase in price is supported by an impressive 150% surge in trading volume during the same period. In the middle of the ongoing price rally, SOL has seen an astonishing 80% increase in the past two weeks, managing to recover all its losses from last year.
Looking at the daily timeframe chart, Solana’s price movement can be observed to have recovered from its lowest point at $17.4, following a V-shaped recovery pattern. The significant increase in trading volume accompanying this upward momentum is particularly noteworthy, indicating strong buyer confidence and a collective rise to boost the altcoin’s price. Furthermore, data from CoinGlass shows that over $4.3 million worth of short positions have been liquidated in Solana in the past 24 hours.
Midway through the current breakout, the initial upward target for Solana is considered to be $40. Surpassing this level will open the door for further price increases towards $50 and beyond.
VanEck’s Striking Price Prediction for SOL
Financial giant VanEck recently published a noteworthy report stating that it expects a price increase of 10,600% in Solana by 2030, with the most optimistic scenario projecting SOL’s price to reach $3,211.28 by 2030. The report also highlighted the significant scenario where Solana has become the first blockchain to host applications with over 100 million users.
The report also shed light on how Solana can bridge the gap with Ethereum in the future. It is being evaluated that VanEck, which is one of the most active participants in the crypto market, having submitted a spot Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC), could potentially offer more crypto investment products in the coming days, including those related to Solana.
