The post Is Solana (SOL) On Track to Hit $1,000? appeared first on Coinpedia Fintech News
Solana (SOL) has remained one of the few stable projects amidst ongoing market volatility. Given its growing popularity, crypto experts are drawing comparisons between Solana and Ethereum. They suggest that Solana could follow a similar trajectory to Ethereum’s past performance, potentially reaching $1,000.
Solana’s Run For $1,000
Crypto analyst ‘Kaleo’ points out a significant similarity between Solana’s current price chart and Ethereum’s performance in late 2020. Kaleo believes that Solana is mirroring the bullish trend Ethereum displayed during its previous bull cycle. He suggests that if this pattern holds, Solana could reach a target of $1,000, similar to Ethereum’s dramatic rise.
Since the start of the year, Solana has shown a strong bullish trend, reaching highs around $200. However, recent market fluctuations have caused a decline, with Solana falling over 9% in the past week.
At present, Solana is trading at $139.60, reflecting a slight increase of 0.48% in the last 24 hours. Despite these recent dips, the overall sentiment remains optimistic, with expectations of future growth.
Analysts Optimistic Projections
Adding to the bullish sentiment, analyst ‘Crypto Jack’ has noted that Solana is approaching significant resistance levels. He suggests that if Solana breaks through the $190 mark, it could trigger a substantial rally, potentially leading to a dramatic upward movement.
Similarly, ‘Crypto Curb’ provides an optimistic outlook. Curb’s analysis shows that Solana has been consolidating between $120 and $210 for the past 170 days. He predicts that once Solana breaks out of this consolidation phase, it could see a sharp increase, initially reaching the $400-$500 range before aiming for the $800-$1,000 mark.
These projections highlight the potential for substantial growth as Solana continues to develop in the current market landscape.