Will Solana Track Ethereum? Analyst Sets Goal of $2,800 for SOL



Bitcoin, Ethereum, and Solana are all still in the bear market. Even if spot rates are higher, the downward trend is still there. This forecast will be revised after bulls drive prices over $155 and subsequently $190, according to the candlestick pattern.


Is $2,800 in SOL in Your Future?
Some analysts are optimistic, forecasting more increases for Solana in the next months, as the stock continues to absorb last week's selling pressure and rise 20% from June 2024 lows.


The expert made a direct comparison between Ethereum in 2018 and the present price movement of SOL. In 2017, the currency reached a new all-time high of almost $1,400. However, in 2018, it plummeted, falling below $100 and undoing much of the gains made during the prior bull cycle.


Solana reached a peak of $240 in 2021 thanks to freecash and loose monetary policy. Nevertheless, after its peak, the coin's value declined, and in November 2022, it crashed to $8. The demise of FTX and Alameda Research exacerbated the waste.


The analyst believes SOL has greater potential to go higher as the extent of the ETH and SOL retracements in 2018 and 2022 were almost identical. In upcoming sessions, the expert predicts that SOL will probably reach a top of more than $2,800.


This optimism might be driven by a number of factors. One of them is Solana's meteoric rise to fame in recent months.


The mainnet's cheap fees and great scalability are luring developers, particularly those working on meme currency projects, to the network. So far, Solana is home to BONK and BOME, two popular meme currencies with market values in the billions.


Positive feedback has also been received on the recent move of VanEck and 21Shares to apply for spot Solana ETFs.


Even though these documents are still in the preliminary stages and will be reviewed by the notoriously strict US Securities and Exchange Commission (SEC), recent developments with spot Ethereum ETFs have given investors reason to be optimistic.

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