Could Solana Be the Next Bitcoin? Analyst Says SOL Will Outperform Due to This Key Factor 

Bitcoin Price Prediction Solana

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Harvey Hunter

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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

September 13, 2024

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After a brief uptick, the Solana price has seen a cooldown, now holding steady with a slight 0.7% lapse over the past 24 hours. Meanwhile, looking wider, VanEck executive Matthew Sigel says that Solana has the capacity to outperform Bitcoin.

Today’s lackluster price action maintains the 4.44% gain Solana has seen since last Friday, a display of strength following the recent market crash – remaining among the best-performing altcoins over this period.

Notably, the altcoin’s trading volume has picked up 21.39% to $1.7 billion over the past 24 hours.

VanEck Exec “Early Bull” on Solana: Key Factor Driving SOL Price

In a recent Bitcoin Macro interview, VanEck executive Matthew Sigel stated that layer-1 networks are poised to occupy “99% of the economic value” of the market share in the long term.

Sigel highlighted Solana as a key player in this wave and mentioned VanEck’s investment in the asset, describing the firm as “very vocal and early bulls on Solana.”

VanEck is currently “overweight” on investments built on top of Solana, with the outlook that a “large share of the economic value accrues to Bitcoin plus one or two layer-1s, and then with the riskier capital, we go hunting for DApps.”

All in all, Sigel cited the cryptocurrencies with the “best chance at mass adoption” as a key factor in the formation of the market long term.

The Solana ecosystem, in particular, positions itself to be one of the biggest beneficiaries, given its robust development and growing adoption.

Solana Price Analysis: is a Breakout Coming?

Upon closer inspection, technical indicators seem to reinforce a positive outlook for Solana long-term.

Most significantly, the formation of a cup and handle pattern since late 2021 favors a bullish continuation of Solana’s long-term price appreciation, representing a temporary pause in a prevailing uptrend.

Currently, the SOL price remains bound within the channel forming the handle, consolidating before its next move, under the weight of the current uncertain market sentiment.

Although this pattern foreshadows an impending breakout, it also sets the stage for more short-term downside as there is room to fall within its channel.

Something that lines up with recent analysts’ anticipation of a difficult September, followed by an explosive final quarter of the year as traders set their gaze on an altcoin season kick-off.

Upon a breakout of this pattern, eyes will be set on new all-time highs with a SOL price target of up to $400.

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