VanEck: Solana Will Increase by 10,000% by 2030
30 Oct, 2023 ● Coin news
Solana, a Layer-1 blockchain and Ethereum competitor, has seen its native SOL token surge above $32 this week, as asset management firm VanEck predicts further price gains and shares its price forecast.
In a report, VanEck outlined various valuation scenarios for Solana's (SOL) price, ranging from $9.81 to $3,211.28 by 2030 (in comparison, Ethereum's target price is $11,800).
In the coming years, Solana's price would rise by 10,600%. The report also delves into the possibility of Solana becoming the first blockchain to support applications with over 100 million users.
Furthermore, the report demonstrates Solana's potential to close the gap with Ethereum in the future.
VanEck has been active in the cryptocurrency space for some time, having recently submitted Bitcoin exchange-traded fund applications to the US Securities and Exchange Commission (SEC).
SOL has risen to the top ten cryptocurrencies, with a 200% increase since the beginning of 2023. The Solana ecosystem has a total locked value of $378 million.
However, there is a chance that the price of SOL will fall slightly.
The daily directional movement index (DMI) indicates an increasing bearish hold on the daily chart, necessitating strong bullish action to protect the gains made since the crypto market aligned with Bitcoin's price jump to $35,000 in recent days.
Sources:
https://cointelegraph.com/news/vaneck-predicts-a-10-600-solana-price-rally-by-2030
