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.
SOL / USDT 1W Chart, cup and handle pattern. Source: TradingView.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.
This Emerging Opportunity Has Huge Potential
Although traders may want to cling to this Solana opportunity, it is unlikely to unfold in the near term, and much less so quickly.
Therefore, investors looking to maximize their gains potential may find a strategic advantage in diversifying into newer low-cap meme coins that have the potential to rally exponentially.
Notably, Memebet Casino’s $MEMEBET token presale is off to a strong start, raising over $200,000 for its new Telegram-based betting platform that allows wagering with meme coins for the first time.
Crypto enthusiasts are excited about the platform, which offers high stakes, a global sportsbook featuring major leagues like EPL and NBA, and a wide range of crypto-native games.
It is designed specifically with degens in mind, which is precisely why it has quickly attracted substantial capital, including another whale purchase on Thursday worth $50,000, since launching on Tuesday.
While other meme coins like Dogecoin, Pepe, Shiba Inu, and Floki – with more on the way – can be used for wagers, the $MEMEBET token is central to the ecosystem and is the only one that enhances the gaming experience for every degen player.
Using $MEMEBET tokens unlocks a range of benefits, including airdrop rewards, special degen bonuses, and access to the upcoming Memebet Casino Lootboxes, featuring real-world prizes and valuable casino bonuses.
Furthermore, Memebet Casino incorporates a play-to-earn (P2E) wagering element, offering higher rewards to players who wager more on the platform.
To stay updated on the latest news and developments about the project, join the Memebet community on X and Telegram.
Visit Memebet Casino
The post Could Solana Be the Next Bitcoin? Analyst Says SOL Will Outperform Due to This Key Factor appeared first on Cryptonews.
