A widely followed cryptocurrency believes that Solana (SOL) can rise by over 850% before the end of the current cycle.
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 shot to its all-time high (ATH) of $4,878.
“If Solana achieves similar growth from the previous ATH as ETH did in the last cycle during this bull market, $1,000 SOL is a reasonable target.”
However, Kaleo notes that Solana can go even higher if it truly follows ETH’s script for 2020. In August 2020, ETH was trading at around $308 before experiencing a parabolic rise to its all-time high in over a year.
“Let’s just assume (Solana) is where ETH was in August 2020, and from here we get a 1,400% increase to over $2,000.”
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 action of the Layer-1 protocol Avalanche (AVAX). According to the crypto trader, AVAX’s current price action is reminiscent of its movements in the first half of 2021.
Back then, AVAX experienced a sharp decline before a vertical rally that pushed the altcoin to a record high of $144.96.
“The current decline reminds me of what we saw in 2021 – pumping up at the beginning of the year, draining, going over $100.”
At the time of writing, AVAX is worth $21.43.
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