Top Analyst Expects Solana ‘to Absolutely Tear’ Once This Happens to Bitcoin; Here’s His SOL Price Target
Notable crypto analyst Max, known as @MaxBecauseBTC on X, posted a thread discussing his bullish outlook on Solana’s SOL token. He believes SOL will see massive gains once Bitcoin reclaims its all-time high.
Max stated he is “once again asking you not to miss the easiest 500% move in crypto” referring to his long-term price target for SOL. While other cryptos are outperforming in the short term, Max expects Solana to “absolutely tear” when Bitcoin finally makes a new all-time high above $69,000.
He compared SOL’s current opportunity to that of Ethereum’s in 2020. After Bitcoin set a new peak price in December 2020, Ethereum proceeded to surge around 500% over the next 2 months.
Similarly, if Solana follows this pattern, Max is targeting $900 for SOL in 2024, which would represent a 500% gain from current levels around $129. The analyst firmly believes “the best is STILL yet to come” for the Solana ecosystem.
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Show more +Bitcoin as the Tide That Lifts All Boats
The implicit idea behind Max’s thread is that Bitcoin leads crypto market cycles. So if Bitcoin rises to new highs in the bull market still underway, users and money will flow into the space lifting compelling layer 1 blockchains like Solana.
So while SOL and Ethereum competitors have struggled in recent months, their proponents view weakness as a buying opportunity before the next Bitcoin leg up reignites interest in altcoins and decentralized networks.
Time will tell whether Max’s positive outlook for Solana proves accurate, but he clearly believes the risk/reward asymmetrically favors SOL at current prices as the crypto markets evolve in 2024.
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