According to BlockBeats, VanEck has expressed optimism about Solana's potential, predicting in a report dated September 25 that Solana's price could reach $330, representing a surge to 50% of Ethereum's current market value.
Analysts noted that the SOL/BTC exchange rate has formed a symmetrical triangle, typically seen as a continuation pattern. Given that the price rose before the triangle formation, the likelihood of a breakout remains high. However, the flat 20-week exponential moving average (0.0023 BTC) and the relative strength index (RSI) near its midpoint do not provide a clear advantage to either bulls or bears. If bulls maintain the price above the 20-week moving average, the SOL/BTC exchange rate might attempt to break the resistance line, initiating the next upward phase to 0.0031 BTC and eventually reaching the target of 0.0039 BTC. Conversely, if the price falls and breaks below the triangle, this positive outlook will be invalidated in the short term, potentially driving the SOL/BTC exchange rate down to 0.0018 BTC and then to 0.0013 BTC.
Analysts further explained that within the triangle, the price typically oscillates between the support and resistance lines. The SOL/BTC exchange rate rebounded from the support line on September 18 and rose above the moving average on September 26. Buyers will attempt to push the price towards the resistance line, where sellers might intervene. If the price falls from the resistance line but rebounds from the 20-day moving average (0.0023 BTC), a triangle breakout could occur. On the other hand, if the price drops and breaks below the moving average, it indicates that the SOL/BTC exchange rate might extend its stay within the triangle. A break below the support line would favor the bears. Predicting the breakout direction is challenging, so it is advisable to wait for the breakout before making significant bets.
