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Solana, the Layer-1 network considered as Ethereum’s strongest competitor, has shown a strong performance as its price surpassed $32 earlier this week. Analysts expect Solana’s price rally to continue, and investment management company VanEck has made some noteworthy predictions for the popular altcoin.
VanEck: Solana to Increase 107 Times by 2030
A controversial report prepared by reputable asset management firm VanEck for Solana has sparked discussions. The report presents various price predictions for Solana, indicating that it could reach $9.81 in the worst-case scenario and $3,211 in the best-case scenario by 2030. This represents a price increase of 10,600% for Solana in the next 7 years. The report also includes a scenario where Solana becomes the first blockchain to host applications with over 100 million users.
The report also outlines how Solana will close the gap with Ethereum through various factors. VanEck, which has been actively involved in the cryptocurrency sector by submitting Bitcoin ETF applications to the U.S. Securities and Exchange Commission (SEC) in recent years, may also launch investment products for more cryptocurrencies, including Solana.
SOL Price Analysis
With a more than 200% increase in its price since the beginning of the year, SOL has been one of the best-performing cryptocurrencies among the top ten by market capitalization. As a result, Solana has outperformed top players like Bitcoin and Ethereum. At the same time, the total value locked (TVL) in the Solana network has surprisingly reached $378 million.
Despite the positive outlook, the price chart suggests that Solana may experience a partial pullback before the upcoming mega rally. On the daily timeframe price chart, the Directional Movement Index (DMI) indicates strengthening sellers. This requires bulls to move quickly to protect the accumulated gains since the cryptocurrency market started moving with Bitcoin’s extraordinary surge to $35,000 earlier this week.
Failure to do so could put Solana’s price in a dangerous position and raise the risk of dropping below $30. Investors looking to short SOL may consider selling in the SOL/USD trading pair, as indicated by the decreasing blue +DI line and increasing red -DI line.
This formation suggests an increase in downward momentum and a higher potential for selling in the market, indicating that Solana’s price could drop by over 15% to $27, which corresponds to a local support level reinforced by the 21-day Exponential Moving Average (EMA).
