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.
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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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