Can Solana Replicate Ethereum’s Run To Reach $1,000? Expert Answers
August 16 2024 - 9:30PM
NEWSBTC
A crypto market expert has expressed bullish optimism for Solana
(SOL), predicting that the cryptocurrency is currently on track to
replicate Ethereum’s historical rise to new highs. As a result, the
expert foresees SOL hitting new all-time highs of $1,000 this
bullish cycle. Solana Sets Sights On $1,000 On August 12, a
crypto analyst identified as ‘Kaleo’ on X (formerly Twitter) shared
his optimistic expectations for Solana’s future outlook during this
bull market. Kaleo observes that the Solana’s price chart was
currently replicating a pattern previously seen in Ethereum in late
2020. Related Reading: Bitcoin Risks Further Decline As
Bearish Death Cross Returns Comparing Solana’s market movement with
that of Ethereum at the time, the analyst disclosed that SOL may be
following a similar growth trajectory to Ethereum’s past
performance in the last cycle. He noted that Ethereum had
experienced a significant price increase in 2020, eventually
reaching new all-time highs. Based on Solana’s current price
movements, Kaleo predicts that the cryptocurrency could reach a
reasonable target of $1,000 during the present bull market. This
potential price increase is rooted in 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 notably bullish, witnessing significant price
surges that have pushed it as high as $200 at some point. Although
the cryptocurrency has experienced its fair share of price
declines, recording a more than 9% drop over the past week. As of
the latest update, the price of the cryptocurrency is trading at
$143.6, marking 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
identified as ‘Crypto Jack’ has noted that Solana is steadily
approaching critical resistance levels. He predicts that if the
cryptocurrency breaks above $190, it could be poised for an
explosive rally to the upside soon. Analysts Double Down On
Solana’s $1,000 Bull Rally Sharing similar bullish projections with
Kaleo, a crypto analyst recognised as ‘Crypto Curb’ on X has
revealed new price targets for Solana. According to Curb’s post,
Solana is set to experience a steady price increase before reaching
a new high at $1,000. Related Reading: XRP Price Prediction:
Analyst Says God Candle Will Send Price To $57 Sharing a price
chart of Solana’s movement from 2021 to 2024, the analyst disclosed
that SOL has been consolidating between the $120 to $210 mark for
the past 170 days. During this time, the cryptocurrency was seen
bouncing between monthly support and resistance levels. Curb
predicts that once Solana emerges from its ongoing consolidation
phase, the cryptocurrency is likely to see a substantial upward
movement. He anticipates a rapid climb to the $400 to $500 range
first, followed by an even larger increase to between $800 and
$1,000 or more. Pictured image from Dall-E, chart from
Tradingview.com
Solana (COIN:SOLUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024