CryptoKaleo, a trader and analyst, has pointed out Solana’s price action sharing a bullish perception. He notes that the SOL trajectory mirrors Ethereum’s performance in late 2020. Based on this comparison, he has projected that SOL might hit $1,000 in this bull market.
This prediction comes as Solana shows signs of bullish momentum and recovery. Moreover, the forecast is based on historical price patterns and market cycles observed in Ethereum’s past performance.
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Solana Mirrors Ethereum Price Action
CryptoKaleo shared his insights on X, presenting charts that compare Ethereum’s price movement from 2020 to 2021 with Solana’s recent market behavior.
The analyst highlighted a crucial similarity between the two cryptos’ price structures. He noted:
“The current $SOL chart looks incredibly similar to what $ETH did in late 2020 prior to sending to new ATHs.”
This observation forms the foundation of CryptoKaleo’s bullish prediction for Solana.
Breaking Down the Chart Analysis
The Ethereum chart presented by CryptoKaleo is from 2016 to 2021. It shows ETH’s journey from its previous low in 2016 to its ATH in 2021 after breaching $1000k.
A notable feature is the strong uptrend that began in early 2020, leading to a sharp rise during the bull market phase. Turning to Solana, the chart reveals a price action reminiscent of Ethereum’s early bull market phase.
SOL appears to be breaking out of a consolidation period, signaling the start of a potential upward trend. This breakout phase bears a strong resemblance to Ethereum’s movement before its price surge.
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The Road to $1,000: A Reasonable Target?
CryptoKaleo’s prediction of a $1,000 price target for Solana is based on a comparative growth analysis. He suggests:
“If Solana manages similar growth from the previous ATH that ETH did last cycle during this bull market, $1K SOL is a reasonable target.”
To put this in perspective, Solana’s all-time high is $259.96. A comparable percentage growth to Ethereum’s of last cycle would indeed push SOL’s price well beyond the $1,000 mark.
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