SOL Replica of 2021 Trend, Will It Break Through to 600 USD?
Looking at the weekly chart, the current market trend is very similar to 2021, with rapid surges being the main characteristic. The most interesting part is that from April to September 2021, it was a consolidation period.
After breaking through in October, a new round of upward movement began. In just 3 months, SOL rose from 20 USD to 230 USD, a full 10 times increase. After SOL started its upward trend in 2023,
the first half was also a rapid surge, with the price rising from 20 USD to 210 USD.
The space was also 10 times, then entering April 2024, it started a consolidation period. Now in November, a breakthrough has occurred leading up to now.
Looking back at history, it is truly very similar, making one think endlessly about the future trend of SOL, especially with the current strong consensus in the SOL ecosystem and its consistent good reputation.
Moreover, the current market trend basically replicates 2021, making people really believe: it could rise to 600 USD. But looking at SOL's market cap, it is already ranked third, reaching 113.1 billion USD, which is a foundation that could triple.
Personally, I think it is hard for it to rise as much as in 2021 because it was a new coin, a new concept, with a low market cap.
Now SOL's data is rapidly skyrocketing, making it extremely difficult to achieve a leap on this foundation. Based on the above analysis,
I haven't seen any killer applications emerging in the fundamentals yet.
From a trend perspective, it doesn't seem as strong as Bitcoin. After a brief breakthrough, it has entered a consolidation phase, so some might continue to chase after SOL.
But I definitely won't consider it; any trades that weren't bought before its launch carry significant risks, especially with recent altcoins starting to explode, with many coins rising by 20% every day.
Do not develop the habit of chasing after rising prices, or else you won't know who is the one taking the risk.
Undoubtedly, you will have a wonderful start in 2024, with a surge in January to March.
However, from April to September, it was a bloody massacre. When the market was on the brink of despair, a strong breakthrough occurred from October to November.
For the upcoming layout direction, I will guide everyone to aim for the lucrative opportunities in altcoins, especially those with great potential projects.
Stop being a headless fly bumping around, and hope to gain multiple returns in a bull market. Now is the best time. Comment 111, and I will provide full support for you, making it easy for you to get on board and enjoy the bull market dividends! 🚀
