Can Solana Repeat Ethereum’s Rally to $1,000? Expert Answers
A cryptocurrency market expert has expressed his bullish optimism on Solana (SOL), predicting that the cryptocurrency is currently on track to repeat the bull run.
#etherreum historically to new highs. As a result, the expert expects $SOL to reach new all-time highs of $1,000 in this bullish cycle.
Solana sets his sights on $1,000
On August 12, a cryptocurrency analyst known as “Kaleo” shared on X (formerly Twitter) his optimistic predictions for Solana’s future during this bull market. Kaleo notes that Solana’s price chart is currently replicating a pattern previously seen in Ethereum in late 2020.
Comparing Solana’s market movement to Ethereum’s at the time, the analyst revealed that SOL may follow a similar growth path to Ethereum’s previous performance in the last cycle. He noted that Ethereum saw a significant price surge in 2020, eventually reaching all-time highs.
Based on Solana’s current price action, Kaleo expects the cryptocurrency to reach a reasonable target of $1,000 during the current bull market. This potential price increase is due to the assumption that Solana will mirror Ethereum’s bullish price action in the previous cycle.
Since the beginning of the year, Solana’s price performance has been remarkably bullish, seeing significant price spikes that took it above $200 at one point. Although the cryptocurrency has seen its fair share of price declines, recording a decline of more than 9% over the past week. As of the latest update, the cryptocurrency is trading at $143.6, representing a 0.48% increase in the last 24 hours, according to CoinMarketCap.
Given Solana’s relatively strong price fundamentals amidst market volatility, crypto analysts continue to express bullish expectations for the altcoin. A crypto analyst known as “Crypto Jack” has noted that Solana is steadily approaching critical resistance levels. He predicts that if the cryptocurrency breaks through the $190 level, it could be poised for a strong upward surge soon.
Analysts are betting on Solana stock rising to $1,000
Cryptocurrency analyst known as “Crypto Curb” on X shared similar bullish predictions as Kaleo, revealing new price targets for Solana. According to Curb’s post, Solana is set to see a steady price increase before hitting a new high of $1,000.
Sharing a price chart of Solana’s movement from 2021 to 2024, the analyst noted that SOL has been consolidating between the $120 to $210 levels for the past 170 days. During this time, the cryptocurrency has been seen swinging between monthly support and resistance levels.
Kirb predicts that once Solana emerges from the ongoing consolidation phase, the cryptocurrency is likely to see a significant upward move. He expects a rapid rise to the $400-$500 range first, followed by a larger surge to $800-$1,000 or more.
