October 31, 2023
The impressive rally for Ethereum Layer-1 competitor Solana (SOL) continues as the altcoin registers another 12% gain on the daily chart. At press time, SOL is trading 11.97% up at $36.34 and has a market cap of $15.2 billion.
Amid its current price rally, Solana has given a breakout above its 300-day resistance of $35, opening the gates for a further rally to $40. This recent surge in price has been supported by a remarkable 150% increase in the 24-hour trading volumes.
The SOL price has also experienced a staggering 80% increase over the last two weeks, recovering all the losses from the past year. Solana's price movement on the daily chart shows a V-shaped recovery pattern, bouncing back from its low point at $17.4. The upward momentum is accompanied by a significant surge in trading volume, indicating strong buyer confidence and a collective push to drive the asset's value higher.
CoinGlass data reveals that over the last 24 hours, more than $4.3 million in Solana short liquidations have taken place.
With the current breakout, the immediate target for Solana on the upside would be $40. Breaking past that level would open up gates to further price rally up to $50 and beyond. Financial giant VanEck recently published a report predicting a 10,600% price rally in Solana by the year 2030. In an optimistic scenario, VanEck expects the SOL price to reach $3,211.28 by 2030. The report also highlights Solana's potential to become the first blockchain to host applications with over 100 million users and its aim to narrow the gap with Ethereum. VanEck, an active participant in the crypto space, may introduce more products related to Solana in the future.