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.
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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.
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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