According to BlockBeats, on October 1, Cointelegraph reported that VanEck is optimistic about Solana. In a report on September 25, VanEck expects Solana's price in this round to reach US$330, soaring to 50% of Ethereum's current market value.
Analysts say the SOL/BTC rate has formed a symmetrical triangle, which usually appears as a continuation pattern. Since the price moved higher before the triangle formed, the probability of a breakout remains high. However, the flat 20-week exponential moving average (0.0023 BTC) and the relative strength index (RSI) near the midpoint do not give a clear advantage to the bulls or the bears. If the bulls sustain the price above the 20-week MA, the SOL/BTC rate might try to break out of the resistance line to start the next leg of the rise to 0.0031 BTC and then eventually to the target of 0.0039 BTC. This positive view will be invalidated in the short term if the price turns down and breaks below the triangle. This could drop the SOL/BTC rate to 0.0018 BTC and then to 0.0013 BTC.
The analyst added that within a triangle, the price usually oscillates between the support and resistance lines. The SOL/BTC rate rebounded from the support line on September 18 and rose above the moving average on September 26. Buyers will try to push the price to the resistance line, and sellers may step in. If the price turns down from the resistance line but rebounds from the 20-day moving average (0.0023 BTC), a triangle breakout is likely to form. On the other hand, if the price turns down and breaks below the moving average, it will indicate that the SOL/BTC rate may extend its stay inside the triangle. If it breaks below the support line, the trend will favor the bears. It is difficult to accurately predict the direction of the breakout. Therefore, it is better to wait for the breakout to occur before making large bets.
