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Analyst Unveils ‘Reasonable’ Bull Market Price Target for Solana, Says SOL Following Ethereum’s 2020 Rally

August 15, 2024
in Altcoin
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A broadly 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 comparable progress from the earlier ATH that ETH did final cycle throughout this bull market, $1,000 SOL is an affordable goal.”

Supply: Kaleo/X

However Kaleo notes that Solana can climb even greater if it really 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 12 months.

“Let’s simply assume [Solana is] the place ETH was in August of 2020 then and we get a 1,400% pump to $2,000+ from right here.”

At time of writing, Solana is buying and selling for $146.74, up barely within the final 24 hours.

The analyst can also be keeping track of the value motion of fellow layer-1 protocol Avalanche (AVAX). In accordance with the crypto dealer, AVAX’s present value motion is harking back 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 present drawdown jogs my memory of what we noticed in 2021 – pump to start out the 12 months, bleed off, ship to $100+.” 

Image
Supply: Kaleo/X

At time of writing, AVAX is value $21.43.

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Tags: AnalystBullEthereumsMarketPricerallyReasonableSOLSolanaTargetUnveils
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