In the past few days, the bulls have been active in the market. The resurgence of the bulls has triggered an uptrend among best-performing crypto assets.
The bullish movement in the crypto industry has become a point of discussion among blockchain analytic firms. In a recent update from the New York-based asset manager, VanEck demonstrated that Solana will become a top rival for Ethereum.
VanEck Predicts Solana to Gain Bullish Momentum
The VanEck team noted that the Solana native token SOL broke the $32 resistance level. At the time of writing, Solana has slightly decreased by 0.7% to trade at $31.71, according to CoinMarketCap data.
Reflecting on Solana’s strong rally, the VanEck team anticipates that the seventh-largest crypto asset will maintain the bullish trends to reach $3,211.28 in the next decade.
The VanEck report demonstrates that Solana will increase by 10,600% by 2030. The altcoin’s strong uptrend will overtake Ethereum (ETH), the second-largest crypto asset by market capitalization.
As earlier stated, the Ether is expected to garner bullish steam to trade at around $ 11,800 in the coming months. It implies that if the VanEck prediction comes to pass, Solana will become the largest blockchain network.
The VanEck group envisages that Solana will support numerous applications and the customer base will reach 100 million users. The asset manager anticipates that the expected uptrend will position Solana as Ethereum’s top rival.
A review of Solana’s 2023 market performance demonstrated that the value of SOL has steadily increased by 200%. According to DefiLlama, Solana’s total locked value (TVL) reached $378 million.
Solana Expects a Price Pullback
However, a report from the directional movement index (DMI) demonstrates that Solana might reverse the current uptrend. The DMI report indicated that to maintain the bullish momentum, the bulls should remain active to shield Solana value from declining.
The DMI report portrayed the possibility of Solana declining below the $30k mark. Therefore, if the market reacts according to the DMI report, some investors holding short positions for Solana might consider selling their assets.
Currently, the technical indicators indicate that the blue line denoted as (+DI) established an uptrend while the red line (-DI) has further declined. The movement of blue and red lines signals the potential of the Solana value to fall.
Commenting on Solana’s price movement, a crypto trader on X account remained optimistic that Solana was one of his “alt picks.” The trader predicted Solana would sustain the bullish momentum to outshine Bitcoin and Ethereum.
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