A widely followed crypto believes that Solana (SOL) can reasonably climb by more than 850% before the current cycle expires.
Pseudonymous analyst Kaleo tells his 643,700 followers on the social media platform X that Solana appears to be mirroring the price action of Ethereum in late 2020 just before ETH skyrocketed to its all-time high (ATH) of $4,878.
“If Solana manages similar growth from the previous ATH that 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 script. In August 2020, ETH traded at around $308 before witnessing a parabolic rally to its all-time high in over a year.
“Let’s just assume [Solana is] where ETH was in August of 2020 then and we get a 1,400% pump to $2,000+ from here.”
At time of writing, Solana is trading for $146.74, up slightly in the last 24 hours.
The analyst is also keeping an eye on the price action of fellow layer-1 protocol Avalanche (AVAX). According to the crypto trader, AVAX’s current price action is reminiscent of its movements during the first half of 2021.
Back then, AVAX witnessed a deep drawdown prior to a vertical rally that sent the altcoin to record highs of $144.96.
“The current drawdown reminds me of what we saw in 2021 – pump to start the year, bleed off, send to $100+.”
At time of writing, AVAX is worth $21.43.
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Generated Image: Midjourney