According to Cointelegraph, VanEck is feeling pretty positive about Solana these days. In a report released on September 25th, VanEck projected that Solana’s price could reach $330 in the near future, which would be a significant jump to 50% of Ethereum’s current market value.
Analysts have pointed out that the SOL/BTC exchange rate is forming a symmetrical triangle pattern, which often indicates a continuation of the current trend. While the chances of a breakout are high due to the price moving upwards before the formation of the triangle, it’s important to note that the 20-week exponential moving average and the relative strength index are not clearly favoring either the bulls or the bears at the moment. If the bulls can keep the price above the 20-week EMA, we may see the SOL/BTC rate trying to break above the resistance line and pushing towards new targets. On the flip side, a drop in price below the triangle could signal a short-term setback.
Prices typically move within a triangle pattern, bouncing between support and resistance lines. Recently, the SOL/BTC rate bounced off the support line and crossed the moving average, indicating a possible push towards the resistance line. However, the real action will happen if a breakout occurs, making it wise to wait for confirmation before placing big bets.
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