- Solana could soar by 70%, reaching the $400 level, if it closes a daily candle above the $235 level.
- SOL, worth $32.54 million, was moved out from the exchanges.
As a seasoned crypto investor who has weathered numerous market storms, I must admit that VanEck’s prediction for Solana [SOL] has piqued my interest. Having been through multiple bull and bear cycles, I’ve learned to appreciate the value of well-researched forecasts from established players like VanEck.
Even as the cryptocurrency market faces ongoing challenges, VanEek, a prominent asset management company, has daringly forecasted a promising future for Solana [SOL], catching the eye of many crypto enthusiasts.
Nevertheless, the current market atmosphere is hard to forecast because of the significant price swings and turbulence observed lately.
VanEck’s bold predictions for Solana
On its platform previously known as Twitter, VanEck shared an observation: They predict that the crypto market’s bull run will reach a peak around the first quarter (Q1) and then hit new record highs towards the fourth quarter (Q4). Furthermore, they anticipate Solana’s value to exceed $500 by the year 2025.
In their confident forecast, VanEck revealed they could potentially own stakes in the listed cryptocurrencies – not just SOL, but also Bitcoin [BTC], Ethereum [ETH], and Sui [SUI] as well.
Solana technical analysis and key-level
Based on technical analysis by AMBCrypto, Solana (SOL) appears to have developed a bullish “flag and pole” price pattern on its daily chart. At present, it’s facing some difficulty in breaking beyond this particular pattern.
According to current market trends, if Solana (SOL) successfully breaches its existing pattern and ends the day’s trade above $235, there’s a possibility that its value might surge by approximately 70%, potentially peaking at around $400 in the near future.
Looking at a positive perspective, SOL’s Relative Strength Index (RSI) was approaching the oversold region, potentially indicating that a strong upward trend might soon emerge.
On the other hand, there haven’t been significant fluctuations or gains for Solana (SOL) in the recent period. Instead, it has seen a decline of approximately 4.6% within the last week. At present, SOL is trading around $226.5, and its price has remained consistent over the past day.
Due to this persistent battle, we’ve seen a decrease in involvement from dealers and financiers, causing a 22% drop in trading activity over the same timeframe.
Bullish on-chain metrics
Even though the altcoin has faced some challenges in increasing its price as of late, long-term investors seem to be optimistic and confident about it based on insights from Coinglass, an analytics firm specializing in blockchain data. The Spot Inflow/Outflow figures for SOL over the past three days indicate a relatively small outflow of approximately $32.54 million worth of SOL from exchanges.
Read Solana [SOL] Price Prediction 2024-2025
In the world of cryptocurrencies, when we talk about “outflow,” we’re referring to the transfer of assets from digital exchanges into individual wallets. This trend is often seen as a positive indicator, suggesting that investors might be accumulating, or buying more, which could lead to a price increase in the future. Furthermore, it may signal a potential chance for purchasing at a lower price and indicate an upcoming rally.
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2024-12-15 07:03