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According to Cointelegraph, Solana, a competitor to Ethereum's layer-1, has shown impressive strength as its price surged above $32 this week. Analysts anticipate further price gains, and asset management company VanEck has shared significant price forecasts. The report outlines diverse valuation scenarios for Solana, predicting its price to range from a conservative $9.81 to an ambitious $3,211.28 by 2030, equating to an astounding 10,600% price surge in the coming seven years. In comparison, Ethereum's target price is $11,800. The report also explores a potential scenario where Solana becomes the first blockchain to accommodate applications with over 100 million users and illustrates its potential to narrow the distance between itself and Ethereum in the future.

Solana (SOL) has emerged as a standout performer within the top ten cryptocurrencies, showcasing impressive growth exceeding 200% since the start of 2023. As a result, Solana has surpassed major contenders, including Bitcoin (BTC) and Ether (ETH). Concurrently, Solana's DeFi total value locked (TVL) has surged to an impressive $378 million. However, based on the technical chart, there might be a potential for a partial pullback in Solana before the anticipated significant surge. The Daily Directional Movement Index (DMI) indicates an increasing hold by sellers on the daily chart, necessitating prompt action from the bulls to safeguard the gains amassed since the crypto market aligned with Bitcoin's notable rise to $35,000 earlier this week. Neglecting this action could potentially place Solana's price in a vulnerable state, potentially leading to a drop below the $30 mark. Traders considering short positions for SOL may consider selling against the USD, as suggested by the decreasing blue +DI line and the rising red -DI line. This pattern indicates a heightened bearish impact and the possibility of a market downturn, which could result in a 15% decrease in Solana's price from its current valuation of $27. This aligns with a nearby support level, bolstered by the 21-day Exponential Moving Average (EMA).

The global cryptocurrency market cap now stands at $1.26T, down by -1.10% over the last day, according to CoinMarketCap data.

Bitcoin (BTC) has been trading between $33,391 and $34,195 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $34,067, down by -0.32%.

Most major cryptocurrencies by market cap are trading mixed. Market outperformers include GAS, QTUM, and LOOM, up by 32%, 20%, and 18%, respectively.

Top stories of the day:

Binance Launchpool Debuts Memecoin (MEME) Staking Opportunity for BNB, TUSD, FDUSD Holders 

Binance Roll-Outs BNB Safe{Wallet}, a Multi-Sig Wallet, Based on Gnosis Safe Protocol 

Solana's Price Forecasted to Surge by 10,600% by 2030, According to VanEck Report 

Sam Bankman-Fried Testifies About Early SOL Purchases at $0.20 

LastPass Hack Results in Over $4.4 Million Stolen from 25 Victims

Market movers:

ETH: $1787.67 (-0.20%)

BNB: $226.5 (+0.67%)

XRP: $0.5462 (-1.00%)

SOL: $32.09 (-2.82%)

ADA: $0.2938 (+2.69%)

DOGE: $0.06917 (-2.63%)

TRX: $0.09393 (+0.75%)

LINK: $11.535 (+6.20%)

MATIC: $0.6218 (-0.54%)

WBTC: $34060.83 (-0.32%)

Top gainers on Binance:

GAS/BUSD (+32%)

QTUM/BUSD (+20%)

LOOM/BUSD (+18%)