2023-10-29 14:34:59
The native token of Solana, a first-layer blockchain considered to be one of Ethereum’s strongest competitors, reached a price of $32 this week. At the time of writing, the coin is trading at just over $32. In a recently published analysis, analysts at asset management company VanEck predicted further price increases. Bold estimates have also been made, as VanEck believes that by 2030, the worst-case scenario will be $9.81 per SOL, but it might be as high as $3,211.28. For Ethereum, the same 2030 price target was estimated at a maximum of $11,800. SOL’s token can achieve serious results in the long term, according to predictions. In the case of Solana, the above prediction would mean a 10600% price increase in the next few years. VanEck’s bold analysis also predicts that Solana might be the first blockchain to reach more than 100 million users. What is perhaps not such a bold statement on their part in the analysis is that the difference between Ethereum and Solana may decrease significantly in the future. VanEck is perhaps less well-known among Hungarian cryptos, but they have been part of the crypto sector for quite some time. In recent years, permission to launch a Bitcoin exchange-traded fund has been requested and received several times from the US Securities and Exchange Commission. Since the beginning of 2023, SOL was able to increase its price by 200% and the total value locked in the ecosystem is almost 400 million dollars. However, if we look at the shorter term, the outlook is now less encouraging. The Daily Directional Change Index (DMI) on the daily chart indicates the increasing strength of the bears. This will require a strong action from the bulls if they are to maintain the momentum. Traders shorting SOL may therefore consider selling. From the 21-day exponential moving average, a support level can be seen quite strongly slightly below the current price around $32, some traders now see this as a realistic price target for the next period.
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