Vaneck, which manages a $ 113 billion asset, predicts that the price of Solana (Left Coin) can reach a price tag of $ 520 by the end of the year. Meanwhile, according to CoinMarketcap, Altcoin lost 20 percent last week. Token was traded for 197 dollars with a valuation of $ 96.4 billion during the article.
Vaneck’s Bull Estimation for Left Coin: 520 dollars!
Vaneck’s bull estimation is based on Solana’s possible share increase in the wider smart contract platform (SCP) market. The valuation of the SCP sector depends on the supply of M2 (the total amount of money circulating in the economy). The asset management company estimates that the supply of M2 will rise to 22.3 trillion dollars by 2025 and will maintain a stable growth rate of 3.2 %since its last decrease in October 2023.
Vaneck showed a strong statistical relationship between M2 supply and SCP market value using regression analysis (a way to find relationships between different things). The company expects an increase of 43 %in the valuation of the SCP sector by the end of 2025 and expects it to reach $ 1.1 trillion and exceed the summit in 2021, $ 989 billion. In such a scenario, Solana is expected to reach a market value of 250 billion dollars and a price of 520 dollars per token as its dominance in various key areas such as the decentralized stock market (DEX) volumes, income and active users. In addition, Vaneck estimates that the SOL’s share in the SCP area will increase from 15 %to 22 %by the end of the year.
Solana (Left) Price Analysis: Basic levels to be followed
The following graph shows that the relative power index (RSI) for Altcoin reads the value of 38,52. This means that the bears are currently under the control of the price movement of Solana (Left Coin). Meanwhile, the slope of the line shows that consolidation is between 190 and $ 200 price levels. On the other hand, the MACD indicator shows that the signal line (red) and the MACD line (blue) approaches. The decline in the Macd histogram is also decreasing.
