Ethereum Tier-1 competitor solana The impressive rally for (SOL) continues as the altcoin recorded another 12% gain on the daily chart. At press time, SOL is trading at $36.34, up 11.97%, with a market cap of $15.2 billion.
Solana Price Gives an Upward Breakout
In the midst of the current price rally, Solana broke above the 300-day resistance at $35, opening the doors for a rally towards $40. Interestingly, the recent price rise was supported by an impressive 150% increase in 24-hour trading volumes.
Koinfinans.com As we reported, in the midst of the current rally, the SOL price has also increased by a staggering 80% in the last two weeks, thus recouping all losses from last year.
Looking at the daily chart, Solana’s price action appears to have taken a V-shaped recovery pattern and is recovering from its low point at $17.4. This upward momentum is accompanied by a significant increase in trading volume. This indicates strong buyer confidence and a collective drive to further increase the value of the asset.
Additionally, data from CoinGlass shows that more than $4.3 million in Solana short liquidations occurred in the last 24 hours.
SOL Price Predictions
Amid the current breakout, the immediate upside target for Solana would be $40. Exceeding this will open the door to further price gains up to $50 and beyond.
Financial giant VanEck recently published a report expecting a 10,600% price increase in Solana by 2030. In the optimistic scenario, VanEck expects the SOL price to reach $3,211.28 by 2030.
The report examines a scenario where Solana becomes the first blockchain to host applications with more than 100 million users.
It also outlines how the altcoin aims to narrow the gap with Ethereum in the future. VanEck, which has been an active participant in the crypto space by filing Bitcoin ETF applications with the SEC in recent years, could potentially offer more products, including those related to Solana, in the coming times.