An influential cryptocurrency analyst predicts that Solana (SOL) could see a substantial increase of over 850% before the current market cycle ends.
Kaleo, a pseudonymous analyst with a large following on the social media platform X, suggests that Solana’s price action is resembling that of Ethereum in late 2020 before ETH reached its all-time high of $4,878.
“If Solana experiences similar growth to what ETH did in the previous cycle during this bull market, a target of $1,000 SOL is plausible.”
Kaleo also suggests that Solana could potentially surpass even higher levels if it follows a similar trajectory to ETH in 2020. Just like ETH’s rally from $308 to its ATH, Solana could see a 1,400% surge to over $2,000.
Currently, Solana is trading at $146.74, showing a slight increase in the last 24 hours.
The analyst is also monitoring the price movements of Avalanche (AVAX), another layer-1 protocol. Kaleo believes that AVAX’s current price action resembles its behavior in the first half of 2021 when it rallied to record highs.
“The current price movement reminds me of 2021 – a pump at the beginning of the year, followed by a pullback, and then a surge to $100+.”
As of now, AVAX is valued at $21.43.
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