Key Takeaways:
- VanEck faces accusations of manipulating Solana’s (SOL) price through its recent report.
- The company has predicted SOL will reach $3,200 by 2030.
- SOL has recorded an incredible surge in its price over the recent weeks.
YEREVAN (CoinChapter.com) — The recent surge in Bitcoin’s price to 35,000 sparked a notable uptrend among altcoins. SOL, the native token of the Solana blockchain, was one of the strongest gainers in the recent rally. Now, some traders allege VanEck, a global investment manager with substantial crypto investments, was behind the token’s price surge.
In a recent Reddit post, one user that goes by the name derika22 attributed the SOL token’s price gains to VanEck’s recent predictions of the token price. The write-up, which attracted significant attention from the community, invited attention to the fact that investors conveniently ignored the investment manager’s role behind the price surge.
The VanEck Solana 2030 bullish prediction
On Oct. 27, VanEck released a report suggesting its base, bear, and bull prediction of the SOL token price 2030.
According to its predictions, traders could expect SOL to trade around $335 per token under normal market conditions. Should an unpredictable event occur (such as the Terra ecosystem’s crash or FTX’s bankruptcy), the token could fall to around $10.
However, it was their bullish prediction that caught everyone’s fancy. The firm sees SOL reaching a whopping $3,211 in the next seven years.
With the token trading under $32 on the day of the report, this would put a massive 10,258% upside in the SOL price.
“This report of published on October 27th 2023, Solana’s price at this date was $31.72. 2 Weeks earlier SOL ranged around ~$23 (guess who’s filling their bags by then). After the report got published, SOL pumped up to $45 due to people FOMO into it,”
the post pointed out.
According to The Coin Perspective, Solana would attain a market cap of $1.3 trillion if this prediction were to come true.
It currently has a market cap of around $17 billion and currently ranks No. 7, sitting just above Cardano (ADA) on the charts.
Did VanEck profit from the Solana price surge?
Earlier this week, on Nov. 2, the price of SOL surged close to the $44 range per token. According to charts from crypto portfolio manager CoinStats, the Ethereum (ETH) competitor fetched a little over $32 when VanEck’s report hit the market.
Anyone purchasing the token that day would have profited around 40% from the subsequent rally.
However, as the Reddit post pointed out, VanEck would have filled their coffers well beforehand. Buying at the beginning of October, when the token fetched just $21, would have given the firm a profit of over 100%. That figure goes to more than 150% once the September low of $17 comes into play.
The report did not in any way try to conceal this. It even opened with the disclaimer that “VanEck may have a position(s) in the digital asset(s) described” in the write-up.
The Reddit post also alleged that VanEck had made a similar prediction regarding ATOM, the native token of Cosmos. As the post suggests, the firm profited from the token’s subsequent price surge, partially thanks to its report.
