Solana is on a roll, surging 21% in the last week, now trading at $32.77. It’s eyeing a crucial resistance at $33.6, and if breached, it could catapult the price to exciting levels like $35.9 and even $43.4. Yet, the RSI signals a potential showdown between further gains and resistance. Should the price slide below $30.9, brace for a test at $29.8, with a potential dip to $28.2.
Meanwhile, Solana’s future in the U.S. is hitched to regulatory decisions. Vibhu Norby, founder of Drip Labs, shares encouraging insights from a Crypto Policy Bootcamp, indicating growing congressional support for crypto, although progress may be sluggish. Amidst a fruitful year for the broader crypto market, Solana’s innovative blockchain ecosystem is catching the eye of many.
SOL Price Forecast
VanEck, a prominent asset management firm, is making waves with a jaw-dropping Solana price forecast. As per the report, SOL’s value is soaring from a cautious estimate of $9.81 to an astonishing $3,211.28 by 2030. This potential 10,600% surge positions Solana as a formidable Ethereum competitor. The report even contemplates a scenario where Solana hosts applications with over 100 million users, illustrating its remarkable potential.
Notably, the bullish outlook could signal a change in crypto dynamics, potentially closing the gap with Ethereum. It’s worth noting that VanEck’s involvement in the crypto space, including Bitcoin ETF submissions, hints at possible future products, including offerings related to Solana.
Retracement Possible if…
While Solana has exhibited stellar performance, boasting over 200% gains since the start of 2023 and surpassing significant players like Bitcoin and Ethereum, technical analysis suggests a potential partial retracement before the anticipated mega rally.
Solana needs 2x-4x From the Current Levels
However, the Directional Movement Index (DMI) on the daily chart indicates growing influence from sellers, urging swift action from bulls to protect gains. Failure to do so may lead to a precarious position below $30. Traders eyeing short positions might consider selling against the USD, given the evolving DMI pattern. This points to increased bearish pressure and the potential for a market sell-off, potentially resulting in a 15% drop from Solana’s current value of $27, aligning with a local support level reinforced by the 21-day Exponential Moving Average (EMA).
Entrapped in a Bullish Chart
Solana (SOL) is showing incredible strength in the altcoin market, boasting a remarkable year-to-date performance of over 240%. It has successfully broken out of a triangle formation in the chart and is poised to set a fresh trading range above $30.61. If SOL maintains this level shortly, there’s potential for a bullish advance toward the following significant resistance zone at $47.21. This demonstrates Solana’s bullish momentum and its potential for further gains.
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.