Crypto Analyst Ali Martinez identified similarities between Solana’s current price action and the 2021 bull run. Based on their analysis, Solana (SOL) could rise above $1,000 if it mirrors its 2021 movement.
Solana could reach $1,400
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Martinez predicted that Solana could reach $1,400, revealing that Solana looks “a lot like July 2021.” July 2021 was when SOL began its parabolic run in the last market cycle, rising from around $30 to its current all-time high (ATH) of $260 in November 2021.
Based on the chart shared by Martinez, Solana is once again at that breakout point where it could enjoy a major recovery and surge over 700% to $1,400. Interestingly, the analyst predicts that SOL could reach this target. Target Price until November. However, it is worth noting that SOL only took advantage of the parabolic rally of 2021 the following year, after the halving event in this 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 break above $1,000. Prior to now, he stated that early signs of a bullish pennant breakout 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 everything’ on Solana reaching that milestone.
Solana undoubtedly has a bullish outlook, and it’s no surprise that analysts like Martinez are confident that the crypto token can reach such heights. SOL has continued to make its mark in this bull run and has even recently became BNB to become the fourth largest crypto token by market value.
It is worth noting that Solana is currently outperforming Bitcoin and Ethereum in this market cycle, and crypto analysts like Borovik have created the possibility of SOL reversing ETH.
Solana Short-Term Price Target
Crypto Analyst Rekt Capital recently suggested that Solana could rise to $202 soon. This follows his recent analysisin which he noted that SOL appears 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 mentioned before that a successful retest of the $180 price level as new support for Solana could allow for a continuation of the upward trend. As such, Solana could retest the $202 resistance level and even enjoy a successful breakout of this range, which would put its current ATH in sight.
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At the time of writing, Solana was trading around $184, up over 4% in the past 24 hours, according to data from CoinMarketCap.
Featured image from Reddit, chart from TradingView