The Solana (SOL) cryptocurrency grabbed institutional investors' attention, as the price of a single SOLUSD coin has increased by a remarkable 70% over the past month.
Solana (Sol) is a well-known blockchain network based on the Proof-of-Stake (PoS) concept with a remarkable advantage for cryptocurrency transactions, including a potential throughput of up to 70,000 transactions per second at an astoundingly low cost.
VanEck's Anticipation On Solana Coin
VanEck, a prominent digital asset fund manager, published an analysis of the Solana (Sol) blockchain network on October 27, 2023. According to their research, organizations that do not prioritize decentralization will find the Solana network to be an ideal platform for deploying their applications, as it is uniquely equipped to manage high traffic volumes.
Based on numerous experiments involving mobile applications, NFTs, and consumer-oriented products conducted by Solana Labs, VanEck concluded that Solana is dedicated to enhancing user convenience and functionality.
In addition, VanEck's analysis forecasts significant fluctuations in the future trading price of Sol coin. According to their research, the greatest trading price could reach $3,211 by 2030, while the estimated base and bear prices are $335 and $10, respectively.
Solana Coin (SOL) Technical Analysis
In the SOLUSD weekly chart, the price might have found the bottom at the 7.67 support level as a new high volume level has formed above this area.
On the other hand, a symmetrical triangle formation is seen at the bottom, from where a bullish weekly close appeared above the triangle resistance. Moreover, the dynamic 20 EMA shows a bullish breakout, while the weekly RSI suggests an upward slope at the 65.50 level.
Based on the SOLUSD outlook, the recent bullish breakout could extend the momentum, where the near-term resistance level is at 81.65 level. Moreover, the April 2023 high could be another crucial level where the buying pressure may reach there to grab buyers’ orders.
On the bearish side, the 48.82 resistance level would be a crucial area, as a strong bearish pressure from this level could be an alarming sign for bulls. Moreover, an immediate selling pressure below the triangle support could extend the consolidation towards the 7.70 bottom.