Expert Opinion: Will Solana Follow Ethereum’s Path to $1,000?

A market expert specializing in cryptocurrencies has conveyed a positive outlook for Solana (SOL), suggesting that the digital currency is poised to follow in Ethereum’s footsteps by reaching new record highs. The expert envisions SOL achieving all-time highs of $1,000 in the current bullish cycle.

The bullish sentiment towards Solana was shared by a crypto analyst known as ‘Kaleo’ on a platform previously called Twitter, who highlighted the potential for Solana’s future growth during the ongoing bull market. Kaleo pointed out similarities between Solana’s current price chart and Ethereum’s trajectory in late 2020.

Drawing parallels between Solana’s market movements and Ethereum’s historical performance, the analyst hinted at a possible replication of Ethereum’s past price surges. Ethereum notably soared to new all-time highs in 2020, a pattern that Solana could potentially mirror based on its current price trends.

Throughout this year, Solana has exhibited a strong bullish trend, experiencing significant price spikes that propelled it to levels around $200. Despite occasional price retracements, including a recent drop of over 9% in the past week, Solana’s price currently stands at $143.6, showing a slight uptick of 0.48% in the last 24 hours according to CoinMarketCap data.

Given Solana’s resilient price performance amidst market fluctuations, crypto analysts remain optimistic about the altcoin’s future prospects. Another analyst, known as ‘Crypto Jack,’ highlighted Solana’s approach towards crucial resistance levels, suggesting that a breakthrough above $190 could trigger a substantial upward movement in the near future.

Echoing Kaleo’s positive forecast, another crypto analyst referred to as ‘Crypto Curb’ shared optimistic price targets for Solana. According to Curb’s analysis, Solana is expected to witness a gradual price appreciation leading to a new high at $1,000.

By examining Solana’s price movements from 2021 to 2024, Curb noted a consolidation phase within the $120 to $210 range over the past 170 days, with the cryptocurrency oscillating between monthly support and resistance levels. Curb anticipates a breakout from this consolidation phase, projecting a swift ascent to the $400 to $500 range initially, followed by a further surge towards $800 to $1,000 or potentially higher.