contributor
Posted:
- Solana could rise 70% and reach the $400 level, if it closes a daily candle above the $235 level.
- SOL, worth $32.54 million, was delisted.
Despite the ongoing struggles in the cryptocurrency market, VanEck, the asset manager, has made a bold prediction for Solana [SOL]which attracted a lot of attention from crypto enthusiasts.
However, current market sentiment remains unpredictable due to high volatility and notable price fluctuations in recent days.
VanEck’s bold predictions for Solana
In a post on X (formerly Twitter), VanEck noted that the crypto bull market is expected to reach a medium-term peak in the first quarter and reach new highs in the fourth quarter. Additionally, the company stated that Solana could cross the $500 mark by 2025.
Source:
While making this bold prediction, VanEck revealed that the company might have positions in the mentioned assets. In addition to SOL, the company made predictions about Bitcoin [BTC]Ethereum [ETH]and Sui [SUI].
Solana technical analysis and key level
According to AMBCrypto technical analysis, SOL has formed a bullish flag and pool price action pattern on the daily time frame and is currently struggling to break this pattern.
Source: TradingView
Based on recent price action, if SOL breaks the pattern and closes a daily candle above $235, the price could potentially rise 70% and reach $400 in the future.
On the upside, SOL’s Relative Strength Index (RSI) was near oversold territory, suggesting significant upside momentum could be in store.
However, SOL has not seen any major price changes or gains lately. Instead, it has lost more than 4.6% of its value in the past week. Currently, SOL is trading around $226.5, with the price unchanged over the past 24 hours.
This ongoing struggle has led to lower participation from traders and investors, resulting in a 22% drop in trading volume over the same period.
Bullish statistics in the chain
Despite the recent price surge, long-term holders have shown interest and confidence in the altcoin, according to analytics firm Coinglass. Data from SOL’s Spot Inflow/Outflow shows that exchanges recorded a modest outflow of $32.54 million in SOL over the past three days.
Read Solana [SOL] Price prediction 2024-2025
In the cryptocurrency context, “outflows” refer to the movement of assets from exchanges to wallets, indicating a bullish signal and accumulation. Furthermore, it points to a potential buying opportunity and hints at an upward rally in the future.
