Solana
Solana Price Set for Explosive 1,800% Rise, Analyst Predicts $2,800 Price Target
Solana’s price has seen a significant decline, mirroring the price action of major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) over the past month. However, one crypto analyst has identified a significant parallel between Ethereum’s price movements in 2017 and Solana’s recent price performance.
In a recent social media post, crypto analyst Marty suggests that these similarities could lead to a price increase for Solana in the coming months, which could lead to a 1,800% increase in the price of Solana.
Solana Price ready for epic comeback?
After the Solana Explosion upward trend At the start of the year, which brought it close to its all-time high of $259 in March, the price suffered a continued 58% decline, reaching a low of $121 on Friday, July 5.
However, the crypto analyst spotted a significant similarity between ETH and SOL prices when looking at price action over longer time frames.
Marty strong points Ethereum and Solana have both seen substantial declines after their respective bull runs. For example, Ethereum faced a 95% decline in 2017, while Solana experienced a similar slowdown before the 2021 bull run.
Notably, after Ethereum’s 2017 sell-off, its price skyrocketed 2,000% over 660 days, reaching an all-time high of $4,878 in November 2021. Drawing on the similarities between Ethereum’s historical price action and Solana’s current performance, Marty predicts that a similar price explosion is coming for SOL.
Based on his analysis, Marty estimates that the market has been around 619 days since Solana’s drop. Drawing a parallel with Ethereum rally Based on the timeline, Marty suggests there could be about 50 days left before a comparable increase begins for SOL.
If Marty’s analysis holds true, Solana could be on the verge of an extraordinary rally with a projected target of $2,800, which represents an 1,800% increase from the current price level.
Consolidation for a possible upward breakout
Trading steadily at $140, Solana price has been consolidating above this crucial level over the past two days, maintaining a range between current prices and $145.
Although there was no significant bounce this week, the importance of this level cannot be overstated as it serves as a vital benchmark. support floor for the token, which was established over a period of five months.
This support floor is of utmost importance for bullish investors as it paves the way for potential upward moves and acts as a barrier against higher resistance levels.
In case of a new bullish push in SOL price, the main objective of the bulls is to break above the $150 level; this would open the way to the confrontation with the most notable threshold for the bears at $170, a resistance level This has been going on for four months.
Overcoming this hurdle would potentially unlock further bullish momentum, with targets set at $190 and then $200. This would also allow Solana price to target its yearly high of $210.
Conversely, it is crucial for bullish investors to keep a close eye on the $134 level, which represents the next major support floor for Solana price.
Featured image of DALL-E, chart from TradingView.com