Recently, Solana (SOL) has mirrored the downward of major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC). Despite this, a noted crypto analyst has observed striking parallels between Solana’s current price activity and Ethereum’s behavior in 2017, hinting at a potential significant price surge for Solana in the near future.
Solana on the Brink of a Major Recovery?
Earlier this year, Solana saw a dramatic increase in price, approaching its all-time high of $259 in March. However, it has since declined by 58%, hitting a low of $121 on July 5. Analyst Marty, however, has noted a significant similarity between the historical price patterns of Ethereum and Solana over extended periods.
Marty points out that both Ethereum and Solana experienced major drawdowns after their rallies. Ethereum, for example, saw a 95% drop in 2017, similar to Solana’s decline before its 2021 bull run. Following this drawdown, Ethereum’s price skyrocketed by 2000% over 660 days, reaching an all-time high of $4,878 in November 2021.
Based on these historical patterns, Marty anticipates a similar potential for Solana. He notes that approximately 619 days have passed since Solana’s drawdown. By aligning with Ethereum’s rally timeline, Marty suggests that Solana could see a significant price surge within the next 50 days.
If Marty’s analysis is correct, Solana could be poised for an extraordinary rally, with a projected price target of $2,800—an 1,800% increase from its current level.
Consolidation and Potential for an Upside Breakout
Currently trading around $140, Solana has been consolidating above this key level for the past two days, fluctuating between $140 and $145. This level is crucial as it acts as a significant support floor, established over the past five months.
For bullish investors, this support floor is vital as it lays the groundwork for potential upward movements and acts as a barrier against higher resistance levels. Should Solana’s price experience a bullish resurgence, the immediate goal for bulls is to surpass the $150 level. This would bring them to a major resistance level at $170, which has held firm for four months.
Breaking through this resistance could trigger further upward momentum, with subsequent targets set at $190 and then $200. Achieving these milestones would position Solana to challenge its yearly high of $210.
Conversely, it is important for bullish investors to monitor the $134 level, the next significant support floor for Solana.
As the cryptocurrency market continues to develop, the potential for a significant rally in Solana remains a captivating prospect for investors. The market will closely observe whether Marty’s prediction comes to fruition, adding a dynamic element to Solana’s future price movements.
