- Solana price-taking support at 200 days EMA.
- VanEck gave their bold predictions for SOL price amid the growing SCP market.
The investment firm VanEck believes that the Solana price will strike the $520 mark before 2025 ends. The reason behind this is the growing market for smart contract platforms (SCP) and the surge in M2 money supply.
VanEck projections that M2 money supply will surge to $22.3 trillion in 2025 from the present $21.5 trillion. M2 is like a tool that measures the circulation of money in the United States.
When the central bank advances M2 money and lower interest rates, more money comes into circulation. This process adds more liquidity in the economy which leads to a surge of investment in riskier assets like crypto.
Furthermore, VanEck predicts the growth of Solana in the smart contract platforms (SCP) market. It estimates SOL might grow by 43% to reach $1.1 trillion in 2025. At press time, Solana holds 15% in the SCP market which could grow by 22% by the end of 2025.
Besides all these anticipations, if the Solana exchange-traded fund approves, it could give a boost to SOL price.
Will Solana Break Below the 200 EMA Curve?
At press time, SOL price is trading at $192.99 with an intraday growth of 1.74%. Its market capitalization stands at $93.96 billion with 24 hours trading volume of 4.11 billion.
On the daily technical chart, SOL price is hovering below the 50 day exponential moving average. Moreover, it takes support on 200 days EMA level. If the SOL price breaks below 200 EMA, then it may see downside levels in the upcoming days.
Solana’s price has support of $175.53 and a resistance of $215.80. The RSI indicator is trading in the bearish zone, where the RSI curve is hovering at 38.82 indicating a bearish sign.
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