In the ever-evolving world of Bitcoin and altcoins, the competition between Blockchain networks is fierce. Often seen as a Layer-1 rival to Ethereum, Solana has recently attracted attention with the meteoric rise of its native cryptocurrency, SOL. While the market is abuzz with excitement, a report from VanEck, a leading asset management firm, stands out by offering some tremendous price predictions for Solana. Here are the details…
Exceptional performance expectation for altcoin SOL
SOL price started to rise, exceeding the $32 level earlier this week. This rally, combined with impressive gains of over 200 percent since the beginning of 2023, has put Solana on the map as one of the best-performing cryptocurrencies. It has surpassed even established players like Bitcoin and Ethereum, which is a remarkable achievement in itself. At the same time, Solana’s DeFi Total Value Locked (TVL) reached $378 million, underlining its growing ecosystem.
However, the technical chart shows that Solana may experience a partial pullback before the expected mega rally. The Directional Movement Index (DMI) on the daily chart indicates a strengthening downtrend, creating a risk of a 15 percent decline in Solana’s price from its current value of $27. This price level coincides with a local support level strengthened by the 21-day Exponential Moving Average (EMA).
Critical predictions from VanEck
But VanEck’s report sent shockwaves through the crypto community with its bold predictions. According to the report, Solana’s price in 2030 may range from a pessimistic $9.81 to an optimistic $3,211.28. So, it could rise up to 100x from its current price of $32. This means Solana could reach a staggering 10,600% price increase over the next seven years, becoming one of the most notable investment opportunities in the crypto market. To put this in perspective, Ethereum’s target price for the same period is estimated at $11,800.
The report also examines various scenarios that envision Solana becoming the first blockchain to host applications with more than 100 million users. If this scenario comes true, revenue generated by the Solana network could reach a jaw-dropping $51.8 billion by 2030. This would further support the bullish outlook with the SOL target price exceeding $3,200. While Solana’s potential is undeniable, VanEck acknowledges that Ethereum remains a frontrunner in hosting the majority of global cryptocurrency transactions by 2030. However, the report’s bullish analysis suggests that if Solana can chart its own path and achieve Ethereum-like dominance, its prospects could be extraordinary.
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