“VanEck’s Massive Prediction for Solana“
Solana (SOL) has led the altcoin rally for several weeks, but it seems to be taking a break now, allowing fundamentals to catch up. The token recently became the seventh-largest cryptocurrency, surpassing Cardano (ADA), reaching a high of $46.12 last seen in August 2022 and boasting a market capitalization of $17.35 billion. Its 24-hour trading volume increased by 22% to $1.1 billion.
One of the world’s leading asset managers, VanEck, believes that Solana could play a central role in global transactions in the near future. The firm estimates that there are approximately 1 trillion transactions globally each year, with a potential revenue opportunity for payments on Solana ranging between $666 million and $3.3 billion.
However, VanEck also stated that Solana’s impact cannot be solely quantified through transactions, as it has the potential to attract more users, decentralized applications (dApps) developers, and institutional attention, which will lead to the deployment of value-added services beyond payments.
“Solana Price Prediction: Will SOL Resume Uptrend or Pullback?“
The Moving Average Convergence Divergence (MACD) indicator supports a bullish outlook for Solana’s price, suggesting a continued uptrend towards $50. Solana is currently sitting above key bull market indicators such as the 50-week Exponential Moving Average (EMA) and the 100-day EMA. If the price remains above $40, there is a greater chance of triggering another climb towards $50.
However, if the immediate support at $40 is lost, it could indicate weakening bullish momentum and lead to declines down to $32.27. Further losses could extend to the support provided by the 50-week EMA at $27.86.
“Hot Take: Analyzing Solana’s Potential Future Role in Global Transactions“
Solana appears to be pausing after leading the altcoin rally for weeks, possibly allowing fundamentals to catch up before making its next move above the $50 level. This breather comes after it flipped Cardano (ADA) to become the seventh-largest crypto amidst a rally that pushed its trade to $46.12 highs last seen in August 2022.
Asset manager VanEck believes that Solana could be at the center of global transactions in the near future and estimates a significant revenue opportunity for payments on the platform. The Moving Average Convergence Divergence (MACD) indicator supports a bullish outlook for Solana’s price in the short term.
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