One widely followed cryptocurrency believes that Solana (SOL) can reasonably rise more than 850% before the current cycle ends.
Pseudonymous analyst Kaleo tells his 643,700 followers on social media platform
“If Solana can achieve similar growth from the previous ATH as ETH did during the last cycle during this bull market, $1,000 SOL is a reasonable target.”
But Kaleo notes that Solana can climb even higher if it really follows ETH’s 2020 script. In August 2020, ETH was trading around $308 before witnessing a parabolic rally to an all-time high in over a year.
“Let’s just assume [Solana is] where ETH was then in August 2020 and from here we get a 1,400% increase to $2,000+.”
At the time of writing, Solana is trading at $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 the movements during the first half of 2021.
At the time, AVAX witnessed a deep pullback ahead of a vertical rally that sent the altcoin to record highs of $144.96.
“The current draw reminds me of what we saw in 2021: pumping to start the year, bleeding and sending it to $100+.”
At the time of writing, AVAX is worth $21.43.
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Generated image: Midjourney