Is SOL on track to hit $1,000?
Amid the ongoing market volatility, Solana (SOL) remains one of the few stable projects. Given its growing popularity, cryptocurrency experts have compared Solana to Ethereum. They believe Solana could follow a similar trajectory to Ethereum’s past performance, potentially reaching $1,000.
Solana races for $1,000
Cryptocurrency analyst “Kaleo” noted that Solana’s current price chart bears significant similarities to Ethereum’s performance in late 2020. Kaleo believes Solana reflects the bullish trend Ethereum exhibited during the last bull cycle. He said that if this pattern continues, Solana could hit the $1,000 target, similar to Ethereum’s massive rise.
Solana has been exhibiting a strong bullish trend since the start of the year, peaking at around $200. However, recent market volatility has contributed to its decline, with Solana down more than 9% in the past week.
Currently, Solana is trading at $139.60, up slightly by 0.48% in the past 24 hours. Despite the recent decline, overall sentiment remains positive, with expectations for future growth.
Analysts' optimistic forecasts
Analyst “Crypto Jack” noted that Solana is approaching an important resistance level, which further strengthens the bullish sentiment. He said that if Solana breaks through the $190 mark, it could trigger a sharp rally that could lead to a sharp increase.
Likewise, “Crypto Curb” also gives an optimistic outlook. Analysis by Curb shows that Solana has been consolidating between $120 and $210 over the past 170 days. He predicts that once Solana breaks out of this consolidation phase, it could surge higher, initially reaching the $400 to $500 range before targeting the $800 to $1,000 mark.
These forecasts highlight Solana's substantial growth potential as it continues to evolve in the current market landscape.