Asset management giant VanEck has predicted that Solana’s (SOL) price could reach $500 in the coming years, amid a global crypto market consolidation. The firm’s forecast comes as SOL has been struggling to break out of its current price action pattern.
According to technical analysis, Solana is forming a bullish flag-and-pole pattern on the daily timeframe, indicating a potential long-term upside. However, the asset still needs to break out of this pattern and close above $236 for the bulls to gain momentum.
On-chain metrics also support Solana’s bullish thesis. The Binance SOLUSDT long/short ratio stands at 4.28, with 81.05% of top traders holding long positions. This suggests that the bulls are currently dominating the asset, which could lead to a break-out above the current price action pattern.
Despite the positive outlook, Solana’s price has declined by 0.75% in the past 24 hours and its trading volume has dropped by 24%. However, with the crypto bull market expected to reach a medium-term peak in Q1, Solana’s potential for growth remains significant.
Source: https://coinpedia.org/news/solana-to-500-vanecks-bold-price-prediction-for-sol