Could Solana Be the Next Bitcoin? Analyst Predicts SOL Will Outperform Due to This Key Factor

After a brief uptick, Solana’s price has cooled down, now holding steady with a slight 0.7% drop over the past 24 hours. Meanwhile, VanEck executive Matthew Sigel suggests that Solana has the potential to outperform Bitcoin.

Today’s lackluster price action maintains the 4.44% gain Solana has seen since last Friday, showcasing its strength after the recent market crash and remaining one of the best-performing altcoins during this period.

Notably, the altcoin’s trading volume has increased by 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.”

Overall, Sigel identified 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.


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.