One popular cryptocurrency believes that Solana (SOL) has the potential to rise by over 850% before the current cycle ends.
Anonymous analyst Kaleo told his 643,700 followers on social media platform X that Solana appears to mirror Ethereum price action in late 2020, just before ETH surged to its all-time high (ATH) of $4,878.
“If Solana can manage similar growth from its previous ATH during this bull run as ETH did in the last cycle, $1,000 SOL is a reasonable target.”
However, Kaleo points out that Solana could go even higher if it truly follows ETH’s 2020 script. In August 2020, ETH witnessed a parabolic rally that saw it trade around $308 before hitting an all-time high just over a year later.
“Let’s say Solana is where ETH was in August 2020. Then it would go up 1,400% to over $2,000.”
As of this writing, Solana is trading at $146.74, up slightly over the last 24 hours.
Analysts are also keeping an eye on the price action of Avalanche (AVAX), a layer 1 protocol. According to cryptocurrency traders, the current price action of AVAX is reminiscent of the action in the first half of 2021.
At the time, AVAX experienced a significant decline before a vertical rally, which brought the altcoin to a high of $144.96.
“The current decline is similar to what we saw in 2021. Pumped, pumped, and sent to $100+ at the beginning of the year.”
At the time of writing, AVAX was valued at $21.43.
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