Analyst Predicts Solana Rise To $1,400 As Similarities With July 2021 Emerge
27 Juli 2024 - 4:00PM
NEWSBTC
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
Related Reading: Solana Set For 900% Rally With Breakout From This
Pattern — Analyst 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. Related Reading: Bitcoin Supply Drop
Signals Upbeat Price Movement, Analyst Says 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
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