2023-10-31 18:45 |
Solana’s native token SOL has surged above $32 this past week, gaining significantly since early January. The layer-1 blockchain platform continues to make strides as an Ethereum competitor, with its total value recently reaching $378 million.
In a recent report, asset management firm VanEck outlined bullish long-term forecasts for Solana, with the potential for SOL prices to reach between $9.81 and $3,211 by 2030. This represents an ambitious 10,600% upside from current levels. However, in the short term, SOL may be primed for a partial pullback after its parabolic rise.
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According to analysis, the daily directional movement index (DMI) shows bears gaining increasing control over the SOL market. The +DI line is decreasing while the -DI line rises, signaling waning bullish momentum.
If bulls cannot regain control soon, SOL could drop below the psychological $30 level that has provided support during the rally.
The emerging bearish pressures align with a nearby technical support zone around the 21-day exponential moving average, currently around $28. A 15% drop from the local high of $32 would land SOL right in this area around $27.
Importantly, the major uptrend remains intact for Solana above the $20 breakout level. Any pullbacks should be viewed as healthy consolidation within the broader bull move rather than a trend reversal.
Buyers have a chance to regain dominance on a retest of the 21-day EMA support. This key moving average also lines up with the $27–$28 demand zone that catalyzed the parabolic breakout in January. Bulls want to see this area flip back to support.
Read also:
Shiba Inu Eyes 500% Gain As SHIB Bulls Take Control Dogecoin Faces Resistance at $0.07, but This DOGE Indicator Confirms a ‘Buy Signal’ October in Focus: Injective, Solana, and InQubeta Emerge as the Biggest WinnersLooking beyond any near-term volatility, the possibilities seem endless for Solana, according to analysts like VanEck. If the network can capture even a fraction of Ethereum’s activity and market share over the coming years, enormous growth potential lies ahead.
But in the short term, traders should be cautious around current prices and watch for SOL to consolidate between $27 and $32 before making its next major move.
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The post Solana’s Price Potential: VanEck Anticipates a 10,600% Rally For SOL by 2030 appeared first on CaptainAltcoin.
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