Solana (SOL) is the third-best performer among the top 100 cryptocurrencies by market capitalization on Tuesday, having gained an impressive 9.5% on the day to hit its highest level since November 22, just before the collapse of FTX.
THORChain (RUNE) led the gains with a 13% increase over the last 24 hours to trade at $2.80. BitTorrent (BTT) came in second after rising 12.6% over the same timeframe. Arweave (AR) and Cosmos (ATOM) closed the top 5 biggest crypto gainers today after rallying 8.6% and 8.4% respectively over the same timeframe.
Top Crypto Gainers Today
The latest recovery in the digital asset market, which has seen SOL rally over 110% from its September lows around $17.35, has seen its market cap rise back to $15 billion overtaking Cardano (ADA) to reclaim position 7 on the CoinMarketCap ranking.
As SOL continues its bullish trajectory, crypto analysts are becoming optimistic on its sustained recovery. Analysts from VanEck, a respected global investment manager are bullish on the Layer 1 token predicting that the cryptocurrency’s price could soar by 100x by 2030 in an Oct. 27 report.
According to VanEck, “Solana is vastly more capable than any of its legacy competitors regarding blockchain processing capabilities.” The report added, “Parallel to this, but much more importantly, Solana has translated its pioneering spirit into an ecosystem philosophy of risk-taking and techno-optimism.”
Authored by Patrick Bush and @matthew_sigel
— VanEck (@vaneck_us) October 27, 2023
Matthew Sigel and Patrick Bush, analysts at VanEck, said that Solana’s founders have become pioneers in blockchain scaling through experimentation and applied science.
They predicted that SOL’s value could climb to $3,211 by 2030 in a bullish scenario, while their base prediction was $335 and their bear target stood at $10.
Solana Price Seeks a Return to $50
The latest pump in SOL saw its price rise to complete the V-shaped recovery as shown on the daily chart below. The chart pattern was confirmed when the bulls pushed the smart contracts token above the governing chart pattern’s neckline at $28 on October 21.
Thereafter Solana rallied 30% today’s intraday high above $36. Bulls will now try to push the SOL above the resistance at $37.5. If they succeed, they will be bolstered to push the price toward the much-coveted $50 psychological mark. Such a move would represent a 40% ascent from the current price.
SOL/USD Daily Chart
Supporting this positive outlook for Solana is the upward movement of the Relative Strength Index (RSI). Its position at 78 in the overbought region pointed to the dominance of buyers in the market.
In addition, the major moving averages were facing upward, suggesting that the uptrend was strong. Note that these trend-following chart overlay indicators had sent a call to buy Solana on the same daily chart. This came in the form of a “golden cross” when the 50-day Exponential Moving Average (EMA) crossed above the 200-day EMA on October 21.
On the flip side, the RSI indicated that Solana was massively overbought. As such, the uptrend could soon run out of steam as buyer exhaustion and profit-taking sets in. If this happens, SOL price could turn down from the current levels to retest the support recently established at $31.5.
A drop lower could take the token first toward the 430 psychological level and later to the V-shape’s neckline at $28. This would represent a 22% decline from the current price.
Source: https://www.analyticsinsight.net/solana-price-prediction-sol-blasts-above-35-with-10-gains/