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Home»ALTCOIN NEWS»Analyst Reveals ‘Reasonable’ Bullish Price Target for Solana, SOL Announced Following Ethereum’s 2020 Rally
ALTCOIN NEWS

Analyst Reveals ‘Reasonable’ Bullish Price Target for Solana, SOL Announced Following Ethereum’s 2020 Rally

By Crypto FlexsAugust 15, 20242 Mins Read
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Analyst Reveals ‘Reasonable’ Bullish Price Target for Solana, SOL Announced Following Ethereum’s 2020 Rally
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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.”

Source: Kaleo/X

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.”

video
Source: Kaleo/X

At the time of writing, AVAX was valued at $21.43.

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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.

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