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Layer-1 blockchain and Ethereum competitor Solana has seen its native SOL token surge above $32 this week, as asset management company VanEck anticipates further price gains and shares its price forecast.<\/p>\n
In a report<\/a>, VanEck outlined diverse valuation scenarios for Solana\u2019s (SOL<\/a>) price to range from a conservative $9.81 to an ambitious $3,211.28 by 2030 (in comparison, Ethereum\u2019s target price is $11,800).<\/p>\n This would mark a 10,600% price surge for Solana in the coming years. The report also delves into a potential scenario where Solana becomes the first blockchain to accommodate applications with over 100 million users.<\/p>\n Furthermore, the report illustrates Solana\u2019s potential to narrow the distance between itself and Ethereum in the future. VanEck has been notably engaged in the cryptocurrency arena, having submitted Bitcoin ETF applications to the SEC<\/a> in recent years. Therefore, it is plausible that the financial behemoth may introduce additional products, potentially even for Solana, in the future.<\/p>\n Solana (SOL) has emerged as a standout performer within the top ten cryptocurrencies, showcasing impressive growth exceeding 200% since the start of 2023. Consequently, Solana has surpassed major contenders, including Bitcoin(BTC)<\/a> and Ether(ETH)<\/a>. Concurrently, Solana\u2019s DeFi total value locked (TVL) has surged to an impressive $378 million.<\/p>\n However, based on the technical chart, there might be a potential for a partial pullback in Solana before the anticipated significant surge. The Daily Directional Movement Index (DMI) indicates an increasing hold by sellers on the daily chart, necessitating prompt action from the bulls to safeguard the gains amassed since the crypto market aligned with Bitcoin\u2019s notable rise to $35,000 earlier this week.<\/p>\n Neglecting this action could potentially place Solana\u2019s price in a vulnerable state, potentially leading to a drop below the $30 mark. Traders considering short positions for SOL may consider selling against the USD, as suggested by the decreasing blue +DI line and the rising red -DI line.<\/p>\n