Analyst Unveils ‘Reasonable’ Bull Market Price Target for Solana, Says SOL Following Ethereum’s 2020 Rally
A extensively adopted crypto believes that Solana (SOL) can fairly climb by greater than 850% earlier than the present cycle expires.
Pseudonymous analyst Kaleo tells his 643,700 followers on the social media platform X that Solana seems to be mirroring the value motion of Ethereum in late 2020 simply earlier than ETH skyrocketed to its all-time excessive (ATH) of $4,878.
“If Solana manages similar growth from the previous ATH that ETH did last cycle during this bull market, $1,000 SOL is a reasonable target.”
However Kaleo notes that Solana can climb even greater if it actually follows ETH’s 2020 script. In August 2020, ETH traded at round $308 earlier than witnessing a parabolic rally to its all-time excessive in over a yr.
“Let’s just assume [Solana is] where ETH was in August of 2020 then and we get a 1,400% pump to $2,000+ from here.”
At time of writing, Solana is buying and selling for $146.74, up barely within the final 24 hours.
The analyst can be keeping track of the value motion of fellow layer-1 protocol Avalanche (AVAX). In keeping with the crypto dealer, AVAX’s present value motion is paying homage to its actions through the first half of 2021.
Again then, AVAX witnessed a deep drawdown previous to a vertical rally that despatched the altcoin to report highs of $144.96.
“The current drawdown reminds me of what we saw in 2021 – pump to start the year, bleed off, send to $100+.”
At time of writing, AVAX is price $21.43.
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