Solana’s price action has shown a V-shaped recovery pattern, with the recent breakout suggesting further gains to $40 and above.

Ethereum Layer-1 competitor Solana (SOL)’s impressive rally continues, with the altcoin up another 12% on the daily chart. At press time, SOL is trading 11.97% higher at $36.34 with a market cap of $15.2 billion.

Solana Price Sees Bullish Breakout

During the current price rally, Solana has broken above the 300-day resistance level at $35, opening the door for further gains towards $40. Interestingly, the recent price surge was supported by an impressive 150% increase in 24-hour trading volume.

In the current rally, SOL prices have also risen by 80% in the past two weeks, thus recovering all losses in the past year.

Looking at the daily chart, Solana’s price action is showing a V-shaped recovery pattern, bouncing off a low of $17.4. This upward momentum is accompanied by a significant surge in trading volume, indicating strong buyer confidence and collectively driving the asset’s value higher.

Additionally, data from CoinGlass shows that more than $4.3 million in Solana short liquidations occurred in the past 24 hours.

SOL Price Prediction

In the current breakout, Solana’s immediate upside target would be $40. A breakout above this would open the doors for further price gains to $50 and above.

Financial giant VanEck recently released a report predicting that Solana’s price will increase by 10,600% by 2030. In an optimistic scenario, VanEck expects the SOL price to reach $3,211.28 by 2030.

The report delves into the scenario of Solana becoming the first blockchain to host an application with over 100 million users.

In addition, it also outlines how Solana will close the gap with Ethereum in the future. VanEck has submitted a Bitcoin ETF application to the SEC in recent years and is an active participant in the cryptocurrency field. It may launch more products in the future, including those related to Solana.

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