A widely followed crypto believes that Solana (SOL) can reasonably climb by more than 850% before the current cycle expires.
Pseudonymous analyst Kaleo tells his 643,700 followers on the social media platform X that Solana appears to be mirroring the price action of Ethereum in late 2020 just before ETH skyrocketed to its all-time high (ATH) of $4,878.
“If Solana manages similar growth from the previous ATH that ETH did last cycle during this bull market, $1,000 SOL is a reasonable target.”
But Kaleo notes that Solana can climb even higher if it truly follows ETH’s 2020 script. In August 2020, ETH traded at around $308 before witnessing a parabolic rally to its all-time high in over a year.
“Let’s just assume [Solana is] where ETH was in August of 2020 then and we get a 1,400% pump to $2,000+ from here.”
At time of writing, Solana is trading for $146.74, up slightly in the last 24 hours.
The analyst is also keeping an eye on the price action of fellow layer-1 protocol Avalanche (AVAX). According to the crypto trader, AVAX’s current price action is reminiscent of its movements during the first half of 2021.
Back then, AVAX witnessed a deep drawdown prior to a vertical rally that sent the altcoin to record highs of $144.96.
“The current drawdown reminds me of what we saw in 2021 – pump to start the year, bleed off, send to $100+.”
At time of writing, AVAX is worth $21.43.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
