The crypto community believes Solana’s (SOLBefore the end of this current cycle, it is reasonable to expect that the price will rise more than 850%.
Pseudonymous Kaleo, a social media analyst with 643,700 subscribers on platform X tells them that Solana’s prices are mirroring those of Ethereum at the beginning of late 2020. ETH The price of the ATH (all-time high) has risen to $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.”
Kaleo notes Solana could climb higher if they follow the 2020 script of ETH. In August 2020, ETH was trading at $308 and then experienced a massive rally that took it to the highest point in over a decade.
“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.”
Solana was trading at $146.74 as of the time this article is written, a small increase over the previous 24 hours.
Analysts are also watching the Avalanche protocol (layer-1), which is a competitor.AVAX). A crypto trader says that AVAX’s recent price movements are similar to those of the coin during the first six months of 2021.
AVAX experienced a steep decline before a massive vertical rally, which sent AVAX to its record-breaking high of $144.96.
“The current drawdown reminds me of what we saw in 2021 – pump to start the year, bleed off, send to $100+.”
AVAX currently has a value of $21.43.
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