Despite the challenges currently faced by the digital asset market, VanEck, a major asset management firm, has made a daring projection regarding Solana [SOL], attracting notable attention from cryptocurrency enthusiasts.
Nonetheless, the present market sentiment remains uncertain due to the pronounced volatility and significant price fluctuations witnessed in recent times.
VanEck’s Ambitious Forecasts on Solana
In a communication on X (previously known as Twitter), VanEck highlighted the anticipation of a medium-term peak in the crypto bull run within Q1, with the expectation of new record highs in Q4. Furthermore, the company outlined the possibility of Solana surpassing the $500 threshold by 2025.
While putting forth this bold projection, VanEck revealed its potential holdings in the mentioned assets. Aside from SOL, forecasts were also made for Bitcoin’s [BTC], Ethereum [ETH], and Sui [SUI].
Solana Technical Evaluation and Significant Levels
As per CryptoCrypto’s technical examination, SOL has developed a bullish flag and pole price pattern on the daily timeframe, currently encountering resistance in breaking out of the pattern.
Referring to recent price movements, a breach of the pattern by SOL, coupled with a daily closure above $235, could propel the token by 70%, potentially reaching $400 in the foreseeable future.
On a positive note, SOL’s Relative Strength Index (RSI) bordered on the oversold zone, indicating a notable uptrend might be imminent.
Nonetheless, SOL hasn’t demonstrated substantial price shifts or gains recently, having registered a loss of over 4.6% in value over the past week. Presently, SOL is being traded around $226.5, with its value unchanged in the last 24 hours.
This ongoing struggle has led to reduced engagement from traders and investors, resulting in a 22% decrease in trading volume during the same duration.
Bullish On-Chain Metrics
Despite recent challenges in price appreciation, extended holders have displayed interest and trust in the altcoin, as per on-chain analytics company Coinglass. Insights from SOL’s Spot Inflow/Outflow indicate that cryptocurrency exchanges observed a moderate outflow of $32.54 million worth of SOL in the past three days.
Within the cryptocurrency sphere, “outflow” denotes the transfer of assets from exchanges to wallets, signaling bullish sentiment and hinting at accumulation. Additionally, it indicates a potential buying opportunity and suggests a potential upswing in the future.