Solana Price Prediction: As SOL Pumps 9%, VanEck Says It May 100X - And So May This Coin That's Poised To Ride Bitcoin's Bull Run

Solana Price Prediction: As SOL Pumps 9%, VanEck Says It May 100X – And So May This Coin That’s Poised To Ride Bitcoin’s Bull Run

BySteven Walgenbach

Updated: 30 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Solana price surged more than 9% to trade at $35.17 as of 8:30 am EST as investors grow confident that Solana may emerge as the leading Ethereum-killer in the next bull run.

Analysts from VanEck, a respected global investment manager, added to the bullish sentiment around SOL, predicting that the cryptocurrency’s price could soar by 100x by 2030 in an Oct. 27 report.

“Solana is vastly more capable than any of its legacy competitors regarding blockchain processing capabilities,” it said. “Parallel to this, but much more importantly, Solana has translated its pioneering spirit into an ecosystem philosophy of risk-taking and techno-optimism.”

VanEck Analysts Anticipate Meteoric Rise for SOL

VanEck analysts Matthew Sigel and Patrick Bush said that Solana’s founders have become pioneers in blockchain scaling through experimentation and applied science.

They added that, “While other chains have chosen scaling paths that cleverly circumnavigate the limitations of distributed ledgers, Solana has instead chosen to push to the limits of technological feasibility problems and work backward from there. “

This prompted the analysts to predict that SOL’s value could climb to $3,211 by 2030 in a bullish scenario, while their base prediction was $335 and their bear target stood at $10.

Solana Technical Overview

Daily chart for SOL/USDT (Source: TradingView)

SOL was attempting a challenge at the $39 resistance level and may have the bullish support needed to flip this barrier into support within the next few days.

Supporting this bullish thesis is a medium-term positive trend line that formed on the altcoin’s daily chart over the past 2-3 weeks. Technical indicators on SOL’s daily chart also suggested that bulls had a slight advantage over bears.

Solana Growing Stronger

Buyers were able to gain an upper hand against sellers over the past 3 days. During this time, a significant bullish technical flag was triggered, as the daily Relative Strength Index (RSI) line crossed above the daily RSI Simple Moving Average (SMA) line. This indicated that buyers had grown stronger over the past 72 hours and continued to maintain their dominant position over bears, as the RSI line remained positively sloped towards overbought territory.

Supporting the bullishness expressed by the daily RSI indicator is the daily Moving Average Convergence Divergence (MACD) indicator. SOL’s positive trend, which enabled its value to surge throughout the past 24 hours, may continue in the short term. This was suggested by the MACD line, which was breaking away above the MACD Signal line. The positive gradient of the MACD Histogram also suggested a continuation of the altcoin’s positive trend in the next couple of days.

Should these technical flags be validated, SOL may soon overcome the aforementioned $39 threshold. A daily close above this mark could then lead to the cryptocurrency establishing the necessary foundation for it to continue its ascent throughout the following week. In this bullish scenario, SOL may also overcome the subsequent barrier at $48.85 before surging to $75.80, provided bulls continue exerting pressure on the altcoin’s price.

This bullish thesis may be invalidated if SOL breaks below the immediate support level at $28 within the next week. There is a good chance that traders will react negatively to a break below this key price point, which could then lead to the cryptocurrency’s price tumbling down to the previously-mentioned trendline that formed on SOL’s daily chart. Should the potential sell volume persist, SOL may fall below the trend line to as low as $18.65.

While investors and analysts share their positive long-term outlooks for SOL, Bitcoin Minetrix (BTCMTX) is poised to benefit from the highly anticipated Bitcoin (BTC) bull run.

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Set to Ride the BTC Rally

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