Solana to $500? VanEck’s Bold Price Prediction for SOL
Amid continued consolidation in the cryptocurrency landscape, asset management giant VanEck has made a bold prediction for Solana (SOL). This prediction has attracted widespread attention from the global cryptocurrency community, especially at a time when SOL has been struggling.
VanEck predicts Solana will sell for $500
A recent post by VanEck on The post also noted that Solana’s (SOL) price could hit new highs of $500 during this bull run.
This prediction appears to be within reach as SOL has formed a bullish price action pattern and is poised for a sharp rebound.
Solana (SOL) Bullish Breakout Levels to Watch
According to expert technical analysis, SOL has been consolidating for over three weeks and forming a bullish flagpole price action pattern on the daily time frame. A flagpole is a price action pattern that traders and investors can use to enter long positions on different time frames if price breaks or breaks out of the pattern.
However, SOL seems to be working hard to break this mold. According to technical analysis, if SOL manages to break out and close the daily candle above $236, it has a high chance of surging 70% to $415 levels in the coming days.
Additionally, SOL’s relative strength index (RSI) is currently approaching oversold territory, indicating that the asset is primed for upward momentum.
This bullish thesis will only remain valid if SOL breaks out of this price action pattern and closes above the $236 level; otherwise it may fail.
81% of traders are long SOL
SOL’s technical analysis is further supported by on-chain indicators. According to data from on-chain analytics firm Coinglass, Binance’s SOLUSDT long-short ratio currently stands at 4.28, indicating strong bullish sentiment among traders. Currently, 81.05% of Binance’s top traders hold long positions, while only 18.95% hold short positions.
These on-chain indicators and technical analysis suggest that bulls are currently dominating the asset, which could support a SOL breakout from a bullish pattern.
Current Price Momentum
At press time, SOL was trading near $222, with the price down 0.75% in the past 24 hours. In addition, trading volume fell by 24% during the same period, indicating that traders and investors were less engaged than the previous day.
