A cryptocurrency market expert has expressed bullish optimism about Solana (SOL), predicting that the cryptocurrency is now on track to replicate Ethereum’s historic rally to new highs. As such, the expert predicts that SOL will reach a new record high of $1,000 during this bull cycle.
Solana Aims to Hit $1,000
On August 12, a crypto analyst identified as ‘Kaleo’ on X (formerly Twitter) shared his optimistic outlook on Solana’s future prospects in this bull market. Kaleo noted that Solana’s price chart is currently repeating a pattern previously seen in Ethereum in late 2020.
Comparing Solana’s market performance to Ethereum’s at the time, the analyst revealed that SOL could be following a similar growth trajectory to Ethereum’s previous performance in the previous cycle. He noted that Ethereum experienced a significant price increase in 2020, eventually reaching a new record high.
Based on Solana’s current price action, Kaleo predicts that the cryptocurrency could reach a reasonable target of $1,000 in the current bull market. This potential upside comes from the assumption that Solana will mirror Ethereum’s bullish price action in the previous cycle.
Solana’s price performance has been strong since the start of the year, seeing significant price increases that pushed the price as high as $200 at one point. Although the cryptocurrency has experienced some price declines, recording a drop of more than 9% over the past week. As of the latest update, the cryptocurrency is trading at $143.6, marking a 0.48% increase over the past 24 hours, according to CoinMarketCap.
Given Solana’s relatively strong price fundamentals amid a volatile market, crypto analysts continue to express bullish expectations for the altcoin. A crypto analyst identified as ‘Crypto Jack’ noted that Solana is slowly approaching key resistance levels. He predicted that if the cryptocurrency breaks above $190, it could soon be poised for an explosive rally to the upside.
Analysts Double Down on Solana's $1,000 Price Spike
Sharing similar bullish predictions with Kaleo, a cryptocurrency analyst known as ‘Crypto Curb’ on X has revealed a new price target for Solana. According to Curb’s post, Solana will experience a steady rally before reaching a new high of $1,000.
Sharing a price chart of Solana’s movement from 2021 to 2024, the analyst revealed that SOL has been consolidating between the $120 and $210 mark for the past 170 days. During this time, the cryptocurrency has been seen oscillating between monthly support and resistance levels.
Curb predicts that once Solana exits its ongoing consolidation phase, the cryptocurrency is likely to see a significant move higher. He predicts a quick rise to the $400 to $500 range first, followed by an even larger increase to the mid-$800s to $1,000s or more.
