VanEck Predicts Solana Will Reach IDR 51.1 Million By 2030

VanEck predicts Solana will continue to soar (photo: twitter @solana)

JAKARTA - Blockchain Layer-1 and Ethereum competitor Solana, have seen its original token, SOL, price soaring above 32 US dollars (Rp509,472) this week, while asset management firm VanEck anticipates further price increases and shared his forecast.

In a report, VanEck outlined various assessment scenarios for Solana prices, ranging from 9.81 conservative US dollars to 3,211.28 US dollars (IDR 51.1 million) ambitious by 2030. In comparison, Ethereum's target price is 11,800 US dollars.

This will mark Solana's price spike of 10,600% in the coming years. The report also explores a potential scenario where Solana became the first blockchain to host an app with more than 100 million users.

In addition, the report illustrates Solana's potential to shrink the distance between itself and Ethereum in the future. VanEck has long been involved in the cryptocurrency arena, by submitting a Bitcoin exchange-traded fund application to the United States Securities and Exchange Commission in recent years.

SOL has emerged as one of the top cryptocurrencies, with impressive growth exceeding 200% since early 2023. The total value locked in Solana's ecosystem is 378 million US dollars (Rp 6 trillion).

However, there may be potential for partial corrections in the price of SOL. The daily movement index (DMI) shows a bearish increase in daily graphs, requiring strong action from the bullish to protect the profits raised since the crypto market moved in line with Bitcoin's rise to $35,000 in recent days.

If the bullish fails to dominate, it could result in a decline below the level of 30 US dollars. Traders considering short positions for SOL may want to consider sales. This is influenced by technical indicators, where the blue line (+DI) is decreasing and the red line (-DI) is increasing, which is a potential signal of price decline.

This pattern shows an increasing bear impact and a possible market decline, which could result in a 15% drop in Solana prices from the current valuation of around 32 US dollars. This is in line with the nearest support level which is reinforced by an average 21 days of exponential movement.