Crypto analyst Ali Martinez has identified similarities between Solana’s current price action and the 2021 bull run. Based on his analysis, Solana (SOL) could rise above $1,000 if it mirrors its move from 2021.
Solana Could Rise To As High As $1,400
Martinez predicted that Solana could rise to as high as $1,400, revealing that Solana is looking “a lot like July 2021.” July 2021 was when SOL began its parabolic run in the last market cycle, going from about $30 to its current all-time high (ATH) of $260 in November 2021.
Based on the chart Martinez shared, Solana is again at that breakout point where it could enjoy a massive rally and rise by over 700% to $1,400. Interestingly, the analyst predicts SOL could reach this price target by November. However, it is worth mentioning that SOL didn’t enjoy its 2021 parabolic rally until the following year after the halving event in that market cycle.
As such, Solana may not enjoy such a run until the latter parts of this bull run. Whatever happens, Martinez is confident that SOL will rise above $1,000. Before now, he stated that early signs of a breakout from a bull pennant suggest a potential 900% rally ahead for Solana as it climbs above $1,000.
More recently, the analyst also alluded to a CoinGecko survey, which revealed that only 10.6% believe Solana can rise above $1,000. Based on his prediction, Martinez mentioned that he would ‘bet the house’ on Solana reaching this milestone.
Solana undoubtedly boasts a bullish outlook, and it is no surprise that analysts like Martinez are confident that the crypto token could reach such heights. SOL has continued to make its mark in this bull run and even recently flipped BNB to become the fourth-largest crypto token by market cap.
It is worth mentioning that Solana is currently outperforming Bitcoin and Ethereum in this market cycle, and crypto analysts like Borovik have raised the possibility of SOL flipping ETH.
Solana’s Price Target In The Short Term
Crypto analyst Rekt Capital recently suggested that Solana could rise to $202 soon enough. This follows his recent analysis, in which he noted that SOL looks to have successfully retested the $180 support level. He added that Solana will be able to revisit the $202 resistance level over time if it can continue to hold $180 as its new support.
Rekt Capital previously mentioned that a successful retest of the $180 price level as new support for Solana could enable a trend continuation to the upside. As such, Solana could retest the $202 resistance level and even enjoy a successful breakout from that range, which would put its current ATH in sight.
At the time of writing, Solana is trading at around $184, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Reddit, chart from TradingView
Author: NewsBTC.com
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