BlockBeats reports that VanEck is optimistic about Solana’s future, predicting in a September 25 report that its price could rise to $330, equating to 50% of Ethereum’s current market capitalization.

Analysts have observed that the SOL/BTC trading pair has formed a symmetrical triangle, which is often seen as a continuation pattern. With the price having increased prior to this formation, the chances of a breakout appear promising. However, the flat 20-week exponential moving average (0.0023 BTC) and a relative strength index (RSI) near neutral levels indicate that neither buyers nor sellers have a definitive edge at this moment. If buyers manage to keep the price above the 20-week moving average, the SOL/BTC pair could break through the resistance level, potentially moving to 0.0031 BTC and eventually targeting 0.0039 BTC. Conversely, a decline below the triangle would invalidate this bullish outlook in the short term, possibly pulling the SOL/BTC pair down to 0.0018 BTC and then 0.0013 BTC.

Further analysis reveals that within the triangle, prices generally fluctuate between support and resistance. After bouncing off the support line on September 18, the SOL/BTC rate rose above the moving average on September 26. Buyers are likely to push toward the resistance line, where selling pressure may increase. Should the price retrace from the resistance line but find support at the 20-day moving average (0.0023 BTC), a breakout could follow. However, a drop below the moving average would suggest the SOL/BTC pair might linger within the triangle longer, with a break below the support line favoring bearish sentiments. Given the uncertainty in predicting breakout directions, it’s wise to wait for a clear signal before making substantial investments.