A crypto market expert has expressed bullish optimism for Solana (SOL), predicting that the cryptocurrency is currently on target to copy Ethereum’s historical rise to recent highs. Consequently, the expert foresees SOL hitting recent 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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Source: X
Comparing Solana’s market movement with that of Ethereum on the time, the analyst disclosed that SOL could also be following an analogous growth trajectory to Ethereum’s past performance within the last cycle. He noted that Ethereum had experienced a major price increase in 2020, eventually reaching recent all-time highs.
Based on Solana’s current price movements, Kaleo predicts that the cryptocurrency could reach an affordable goal of $1,000 through the present bull market. This potential price increase is rooted in the belief that Solana will mirror Ethereum’s bullish price motion within the previous cycle.
Because the starting of the yr, Solana’s price performance has been notably bullish, witnessing significant price surges which have pushed it as high as $200 in some unspecified time in the future. Although the cryptocurrency has experienced its justifiable share of price declines, recording a greater than 9% drop over the past week. As of the newest update, the value of the cryptocurrency is trading at $143.6, marking a 0.48% increase within the last 24 hours, in response to CoinMarketCap.
Given Solana’s relatively strong price fundamentals amidst market volatility, crypto analysts proceed to precise 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 possibly 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 recent price targets for Solana. In response to Curb’s post, Solana is ready to experience a gentle price increase before reaching a recent 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.
Source: X
Curb predicts that after Solana emerges from its ongoing consolidation phase, the cryptocurrency is more likely to see a considerable upward movement. He anticipates a rapid climb to the $400 to $500 range first, followed by an excellent larger increase to between $800 and $1,000 or more.
SOL pirce fails to carry $140 | Source: SOLUSDT on Tradingview.com
Pictured image from Dall-E, chart from Tradingview.com