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 comparable progress from the earlier ATH that ETH did final cycle throughout this bull market, $1,000 SOL is an affordable goal.”

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). Based on the crypto dealer, AVAX’s present value motion is paying homage to its actions in the course of the first half of 2021.

Again then, AVAX witnessed a deep drawdown previous to a vertical rally that despatched the altcoin to document 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+.” 

At time of writing, AVAX is value $21.43.

Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox

Test Value Motion

Observe us on X, Fb and Telegram

Surf The Day by day Hodl Combine

&nbsp

Disclaimer: Opinions expressed at The Day by day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses you might incur are your duty. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in affiliate internet marketing.

Generated Picture: Midjourney