Posted: December 15, 2024

• Solana could soar by 70%, reaching the $400 level, if it closes a daily candle above the $235 level.
• SOL, worth $32.54 million, was moved out from the exchanges.

Despite the ongoing struggles across the cryptocurrency market, VanEck, the asset manager giant, has made a bold prediction for Solana [SOL], garnering significant attention from crypto enthusiasts.

However, the current market sentiment remains unpredictable due to the high volatility and notable price fluctuations in recent days.

VanEck’s bold predictions for Solana

In a post on X (formerly Twitter), VanEck noted that the crypto bull market is expected to reach a medium-term peak in Q1 and set new highs in Q4. Additionally, the firm stated that Solana could surpass the $500 mark in 2025.

While making this bold prediction, VanEck disclosed that the firm might hold positions in the mentioned assets. Besides SOL, the firm made predictions on Bitcoin’s [BTC], Ethereum [ETH], and Sui [SUI].

Solana technical analysis and key-level 

According to AMBCrypto’s technical analysis, SOL has formed a bullish flag and pole price action pattern on the daily time frame and is currently struggling to break out of the pattern.

Based on recent price action, if SOL breaks the pattern and closes a daily candle above $235, it could potentially soar by 70%, reaching $400 in the future.

On the positive side, SOL’s Relative Strength Index (RSI) was near the oversold territory, suggesting significant upward momentum could be on the horizon.

However, SOL has not experienced any major price changes or gains recently. Instead, it has lost over 4.6% of its value in the past week. Currently, SOL is trading near $226.5, with its price remaining unchanged over the past 24 hours.

This ongoing struggle has led to lower participation from traders and investors, resulting in a 22% decline in trading volume during the same period.

Bullish on-chain metrics 

Despite recent struggles in price gains, long-term holders have shown interest and confidence in the altcoin, according to on-chain analytics firm Coinglass. Data from SOL’s Spot Inflow/Outflow shows that exchanges recorded a modest outflow of $32.54 million worth of SOL over the past three days.

Read Solana [SOL] Price Prediction 2024-2025

In the cryptocurrency context, “outflow” refers to the movement of assets from exchanges to wallets, indicating a bullish signal and suggesting accumulation. Additionally, it points to a potential buying opportunity and hints at an upside rally in the future.