VanEck is optimistic that SOL will reach $330 this round, and analysts recommend betting after the SOL/BTC exchange rate breaks through

According to BlockBeats, VanEck is bullish on Solana, according to Cointelegraph. In a report on September 25, VanEck expects Solana's price to reach $330 and soar to 50% of Ethereum's current market value.

Analysts pointed out that the SOL/BTC exchange rate formed a symmetrical triangle, which usually shows a continuous trend. Since the price rose before the formation of the triangle, the possibility of a breakout remains high. However, near the flat 20-week exponential moving average (0.0023 BTC) and the relative strength index (RSI) midpoint, there is no clear tendency for bulls or bears to take advantage. If the bulls can keep the price above the 20-week moving average, the SOL/BTC exchange rate is expected to break through the resistance line and start the next upward phase, with a target of 0.0031 BTC and eventually 0.0039 BTC. If the price falls and breaks below the triangle, this optimistic view will be temporarily invalidated, causing the SOL/BTC exchange rate to slide to 0.0018 BTC or lower to 0.0013 BTC.

In addition, the analyst added that within the triangle, the price usually oscillates between the support and resistance lines. The SOL/BTC exchange rate rebounded from the support line on September 18 and stabilized above the moving average on September 26. Buyers will try to push the price to hit the resistance level and may encounter sellers. If the price falls from the resistance level but is constrained by the 20-day moving average (0.0023 BTC), there may be a chance for a triangle breakout; conversely, it means that the SOL/BTC exchange rate may extend its stay in the internal trend. If it falls below the support level, the bearish scenario increases the difficulty of predicting the direction of the breakout; therefore, it is recommended to wait for a definite breakout before making large bets.