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Can Solana Replicate Ethereum's Run To Reach $1,000? Expert Answers
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Can Solana Replicate Ethereum’s Run To Reach $1,000? Expert Answers

Scott Matherson
Scott Matherson
10 months ago
3 mins read
Solana Ethereum

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A crypto market expert has expressed bullish optimism for Solana (SOL), predicting that the cryptocurrency is currently on track to replicate Ethereum’s historical rise to new highs. As a result, the expert foresees SOL hitting new all-time highs of $1,000 this bullish cycle. 

Solana Sets Sights On $1,000

On August 12, a crypto analyst identified as ‘Kaleo’ on X (formerly Twitter) shared his optimistic expectations for Solana’s future outlook during this bull market. Kaleo observes that the Solana’s price chart was currently replicating a pattern previously seen in Ethereum in late 2020. 

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Ethereum Solana
Source: X

Comparing Solana’s market movement with that of Ethereum at the time, the analyst disclosed that SOL may be following a similar growth trajectory to Ethereum’s past performance in the last cycle. He noted that Ethereum had experienced a significant price increase in 2020, eventually reaching new all-time highs. 

Based on Solana’s current price movements, Kaleo predicts that the cryptocurrency could reach a reasonable target of $1,000 during the present bull market. This potential price increase is rooted in the assumption that Solana will mirror Ethereum’s bullish price action in the previous cycle. 

Since the beginning of the year, Solana’s price performance has been notably bullish, witnessing significant price surges that have pushed it as high as $200 at some point. Although the cryptocurrency has experienced its fair share of price declines, recording a more than 9% drop over the past week. As of the latest update, the price of the cryptocurrency is trading at $143.6, marking a 0.48% increase in the last 24 hours, according to CoinMarketCap. 

Given Solana’s relatively strong price fundamentals amidst market volatility, crypto analysts continue to express bullish expectations for the altcoin. A crypto analyst identified as ‘Crypto Jack’ has noted that Solana is steadily approaching critical resistance levels. He predicts that if the cryptocurrency breaks above $190, it could be poised for an explosive rally to the upside soon. 

Analysts Double Down On Solana’s $1,000 Bull Rally

Sharing similar bullish projections with Kaleo, a crypto analyst recognised as ‘Crypto Curb’ on X has revealed new price targets for Solana. According to Curb’s post, Solana is set to experience a steady price increase before reaching a new high at $1,000. 

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Sharing a price chart of Solana’s movement from 2021 to 2024, the analyst disclosed that SOL has been consolidating between the $120 to $210 mark for the past 170 days. During this time, the cryptocurrency was seen bouncing between monthly support and resistance levels. 

Ethereum Solana 2
Source: X

Curb predicts that once Solana emerges from its ongoing consolidation phase, the cryptocurrency is likely to see a substantial upward movement. He anticipates a rapid climb to the $400 to $500 range first, followed by an even larger increase to between $800 and $1,000 or more. 

Solana price chart from Tradingview.com (Ethereum)
SOL pirce fails to hold $140 | Source: SOLUSDT on Tradingview.com
Pictured image from Dall-E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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