Amid the ongoing consolidation in the cryptocurrency space, VanEck has made a bold prediction about Solana (SOL), capturing the community's attention.
VanEck's Prediction for Solana
In a recent post on X, VanEck highlighted that the cryptocurrency bull market is expected to reach a medium-term peak in Q1 and set new highs in Q4 of 2025. According to the forecast, during this bullish rally, Solana's price could reach a new high of $500.
Technical Analysis of Solana
Experts note that Solana has been consolidating for over three weeks, forming a bullish 'flag-and-pole' pattern. However, Solana is yet to break out of this pattern. If Solana breaks out and closes above the $236 level, it could potentially rise by 70% to reach $415. The Relative Strength Index (RSI) indicator suggests an upward momentum for the asset.
Traders' Sentiments on Solana
On-chain metrics indicate that 81.05% of Binance traders are in long positions on Solana, while only 18.95% are short. This demonstrates strong bullish sentiment among traders, which could help in breaching the current bullish pattern.
At press time, Solana is trading near $222. Despite a decline in trading activity, trader sentiment remains bullish, potentially supporting further growth.
