VanEck Sets $330 Solana Price Target: Can it Challenge ethereum?
Over the past 24 hours, Solana has reaffirmed a break above the $150 resistance threshold with a 1.38% rise. This victory comes as VanEck sets a $330 Solana price target, citing its potential to challenge ethereum’s dominance.
Indeed, Solana appears to have settled into a new bullish trajectory, maintaining a 9.7% markup since Thursday’s Fed-rate-fueled breakout, making it one of the best performers among other notable altcoins.
This positive momentum is also reflected in a 26.72% drop in trading volume, now at $2.075 billion, suggesting that recent volatility is beginning to ease.
Solana vs ethereum: Metrics Drive Bullish Forecast
In a September 25th report, Matthew Sigel, head of digital assets research at VanEck, highlighted Solana as undervalued, projecting its potential to capture up to 50% of ethereum’s current market capitalization and a valuation of $330.
This bullish outlook is driven primarily by Solana’s unrecognized superior speed and transaction processing metrics.
The Solana network’s throughput exceeds that of ethereum by over 3,000%, enabling it to process thousands of transactions per second (TPS). Additionally, Solana boasts over 1,300% more daily active users compared to ethereum, benefiting from transaction fees that are a staggering 5,000,000% cheaper on its network.
Solana’s Transactions per second metrics. Source: Solana Compass.">
Sigel argues that Solana’s stark advantage in speed and cost efficiency gives it a significant edge over ethereum for payments and remittances.
The 'Lag' Keeping SOL Behind: Can the Solana Price Push to $330?
As retail investors are “slowly waking up” to Solana’s potential to challenge ethereum as a smart contract platform, VanEck noted a puzzling “lag” in institutional adoption despite these technological advantages.
Sigel attributed this gap to a hesitancy among institutions to transition from established “blue-chip” assets like ethereum in favor of the relatively younger Solana.
While ethereum continues to benefit from its first-mover advantage, VanEck’s analysis suggests this lead may be eroding quickly as users increasingly shift to faster layer-1 networks, with Solana being a significant contender in this movement.
As the crypto market continues to develop, Solana’s technological prowess could position it for significant growth in the coming months. Notably, technical indicators lend credibility to this prospect.
binance.">
Most significantly, the formation of a cup and handle pattern since late 2021 favors a bullish continuation of Solana’s long-term price appreciation, indicating a temporary pause in a prevailing uptrend.
Currently, Solana remains bound within the channel that forms the handle, consolidating before its next move amid the current uncertain market sentiment.
However, a breakout from this channel seems more credible this week, as the Chaikin Money Flow (CMF) has entered positive territory at +0.13. It joins the Relative Strength Index (RSI), which retains its bullish lean just above neutral – indicative of prevailing buying pressure.
This reaffirms the MACD line’s bullish trajectory, nearing a crossover with the signal line, which could see the bulls lead the next push.
With a breakout of the upper bound of the handle, VanEck’s price target of $330 becomes credible, with the potential to exceed that mark and approach $400.
This New Opportunity Has Higher Gains Potential
Although traders may want to cling to this Solana opportunity, it is unlikely to unfold in the near term, and much less so quickly.
Therefore, investors looking to maximize their gains potential may find a strategic advantage in diversifying into newer low-cap meme coins that have the potential to rally exponentially.
Notably, Memebet Casino’s $MEMEBET token presale is off to a strong start, raising almost $300,000 for its new telegram-based betting platform pioneering meme coins betting.
crypto enthusiasts are excited about the platform, which offers high stakes, a global sportsbook featuring major leagues like EPL and NBA, and a wide range of crypto-native games.
It is designed specifically with degens in mind, which is precisely why it has quickly attracted substantial capital, including $50,000 whale purchase.
While other meme coins like Dogecoin, pepe, shiba Inu, and Floki – with more on the way – can be used for wagers, the $MEMEBET token is central to the ecosystem and is the only one that enhances the gaming experience for every degen player.
Using $MEMEBET tokens unlocks a range of benefits, including airdrop rewards, special degen bonuses, and access to the upcoming Memebet Casino Lootboxes, featuring real-world prizes and valuable casino bonuses.
Furthermore, Memebet Casino incorporates a play-to-earn (P2E) wagering element, offering higher rewards to players who wager more on the platform.
To stay updated on the latest news and developments about the project, join the Memebet community on X and telegram.
