Analyst Says Solana Could Make 7x If Ethereum Scenario Happens Again

A crypto analyst thinks that the Solana (SOL) price could rise more than 600 percent during this bull cycle.

The analyst, known as Kaleo, said that Solana experienced a similar movement to what Ethereum experienced in late 2020. Ethereum broke its own price record by climbing to $4,878 thanks to the bull run that started during that period.

“If Solana experiences growth compared to the previous record during this bull market period, as ETH did in the previous cycle, $1,000 would be a reasonable target for SOL,” Kaleo said.

According to the analyst, Solana could reach even higher levels if it draws a similar chart to what ETH drew in 2020.

ETH was trading at around $308 in August 2020 and reached an all-time high within a year thanks to the bull rally.

Kaleo added, “Assuming Solana is where ETH was in August 2020, a 1,400% increase from there would take it above $2,000.”

Avalanche (AVAX) reminds us of the past

The analyst also shared his views on the price of another Layer 1 protocol, Avalanche (AVAX). According to Kaleo, AVAX’s current movement resembles its movements in the first half of 2021.

At that time, AVAX started a rally after experiencing a major decline and broke a record by reaching $144.96.

“The current decline is similar to what we saw in 2021 – a rise at the beginning of the year, then a decline and a rise above $100,” the analyst said.

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