A widely followed cryptocurrency believes that Solana (SOL) has a reasonable chance of climbing over 850% before the current cycle expires.
Pseudonymous analyst Kaleo tells his 643,700 followers on social media platform X that Solana appears to be mirroring Ethereum’s price action in late 2020, just before ETH skyrocketed to its all-time high (ATH) of $4,878.
“If Solana achieves similar growth as 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 storyline. In August 2020, ETH was trading at around $308 before witnessing a parabolic rally to its highest all-time high in over a year.
“Let’s just assume (Solana is) where ETH was in August 2020 and we get a 1,400% surge to over $2,000 from here.”
At the time of writing, Solana is trading at $146.74, up slightly over the past 24 hours.
The analyst is also keeping an eye on the price developments of the layer 1 protocol Avalanche (AVAX). According to the crypto trader, the current price developments of AVAX are reminiscent of its movements in the first half of 2021.
At the time, AVAX had seen a sharp decline before a vertical rally that sent the altcoin to record highs of $144.96.
“The current pullback reminds me of what we saw in 2021: pump to start the year, purge, send to $100 and above.”
At the time of writing, AVAX is worth $21.43.
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