Crypto analyst Ali Martinez has identified similarities between Solana’s current price motion and the 2021 bull run. Based on his evaluation, Solana (SOL) could rise above $1,000 if it mirrors its move from 2021.
Solana Could Rise To As High As $1,400
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Martinez predicted that Solana could rise to as high as $1,400, revealing that Solana is looking “quite a bit like July 2021.” July 2021 was when SOL began its parabolic run within the last market cycle, going from about $30 to its current all-time high (ATH) of $260 in November 2021.
Based on the chart Martinez shared, Solana is again at that breakout point where it could enjoy a large rally and rise by over 700% to $1,400. Interestingly, the analyst predicts SOL could reach this price goal by November. Nevertheless, it’s value mentioning that SOL didn’t enjoy its 2021 parabolic rally until the next 12 months after the halving event in that market cycle.
As such, Solana may not enjoy such a run until the latter parts of this bull run. Whatever happens, Martinez is confident that SOL will rise above $1,000. Before now, he stated that early signs of a breakout from a bull pennant suggest a possible 900% rally ahead for Solana because it climbs above $1,000.
More recently, the analyst also alluded to a CoinGecko survey, which revealed that only 10.6% consider Solana can rise above $1,000. Based on his prediction, Martinez mentioned that he would ‘bet the home’ on Solana reaching this milestone.
Solana undoubtedly boasts a bullish outlook, and it isn’t any surprise that analysts like Martinez are confident that the crypto token could reach such heights. SOL has continued to make its mark on this bull run and even recently flipped BNB to change into the fourth-largest crypto token by market cap.
It’s value mentioning that Solana is currently outperforming Bitcoin and Ethereum on this market cycle, and crypto analysts like Borovik have raised the potential of SOL flipping ETH.
Solana is now trading at $186.9. Chart: TradingView
Solana’s Price Goal In The Short Term
Crypto analyst Rekt Capital recently suggested that Solana could rise to $202 soon enough. This follows his recent evaluation, wherein he noted that SOL looks to have successfully retested the $180 support level. He added that Solana will have the ability to revisit the $202 resistance level over time if it will probably proceed to carry $180 as its latest support.
Rekt Capital previously mentioned that a successful retest of the $180 price level as latest support for Solana could enable a trend continuation to the upside. As such, Solana could retest the $202 resistance level and even enjoy a successful breakout from that range, which might put its current ATH in sight.
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On the time of writing, Solana is trading at around $184, up over 4% within the last 24 hours, based on data from CoinMarketCap.
Featured image from Reddit, chart from TradingView