According to VanEck's report, Solana (SOL) price could reach $330 and swell to 50% of Ethereum's current market cap, with the report's authors arguing that Solana has clear advantages in speed and cost efficiency, which gives it an edge over Ethereum in payments and remittances. Stablecoins, in particular, are considered a major driver of decentralized financial activity, and can use Solana's superior processing metrics to pass on cost savings to users.
Analysts say the SOL/BTC exchange rate has formed a symmetrical triangle, which often appears as a continuation pattern. As prices 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 either bulls or bears. If the bulls sustain the price above the 20-week EMA, 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.
Inside a triangle, the price usually oscillates between the support and resistance lines. The SOL/BTC rate bounced off the support line on September 18 and rose above the moving averages on September 26. Buyers will try to push the price to the resistance line, and sellers are likely to step in. If the price turns down from the resistance line but rebounds from the 20-day EMA (0.0023 BTC), a breakout from the triangle is likely to form. On the other hand, if the price turns down and breaks below the moving averages, it will indicate that the SOL/BTC rate is likely to extend its stay inside the triangle. If the support line is broken, 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 a large bet. #solè¶ćż #solæżć #SolanaETF #ETHđ„đ„đ„đ„ #ETHđ„đ„đ„đ„đ„đ„
