Solana’s Price Rally: Aiming for 40 Dollars After 300-Day Breakout

Crypto News- Solana’s breathtaking rally persists as the altcoin, often touted as a formidable challenger to Ethereum Layer-1, once again records a staggering 12% surge on the daily trading chart. At the latest check, SOL is changing hands at $36.34, signaling an impressive 11.97% upswing, sporting a market capitalization of $15.2 billion.

Solana’s Price Rally: Aiming for 40 Dollars After 300-Day Breakout

Within the context of this ongoing price rally, Solana has achieved a momentous breakout, surmounting the 300-day resistance at $35. This pivotal move has paved the way for further advancement, with the $40 milestone now within sight. What adds to the allure of this rally is the remarkable 150% surge in 24-hour trading volumes, providing substantial backing to this upward trajectory.

Over the past fortnight, SOL’s price has witnessed an astonishing 80% surge, effectively recouping all the losses sustained over the previous year. An inspection of the daily chart reveals the price action of Solana, forming a V-shaped recovery pattern, rebounding from its lowest point at $17.4. This surge is not only defined by price gains but also by a substantial upswing in trading volume, a clear signal of robust buyer confidence and a concerted effort to bolster the asset’s value. Additionally, data from CoinGlass reports over $4.3 million in Solana short liquidations within the last 24 hours.

In the wake of this breakout, Solana’s immediate price target on the upside is securely fixed at $40. Surpassing this level opens the door to the potential for further price rallies, possibly reaching and even exceeding the $50 mark.

A well-regarded financial institution, VanEck, has recently unveiled a report that envisions an astounding 10,600% surge in Solana’s price by the year 2030. In their optimistic scenario, VanEck anticipates SOL’s price to reach a jaw-dropping $3,211.28 by the dawn of 2030. The report delves into a scenario where Solana takes the lead as the first blockchain to host applications boasting more than 100 million users.