Solana vs. Ethereum: The Key Similarities That Could Drive SOL to $2,800


Solana vs. Ethereum: The Key Similarities That Could Drive SOL to $2,800

  coinedition.com 16 July 2024 12:02, UTC

Could Solana (SOL) be poised for a meteoric rise, mirroring Ethereum’s past performance? That’s the bold prediction from crypto analyst Marty Party, who sees parallels between the two cryptocurrencies’ price trajectories and forecasts a potential surge to $2,800 for Solana.

This optimistic outlook, echoed by Altcoin Buzz analyst Cody Buffinton, in a podcast, comes despite Solana’s recent price decline following a broader crypto market downturn.

Following the broader crypto market’s downtrend, Solana experienced a price decline. Despite this downturn, crypto analyst Marty drew parallels between Ethereum’s 2017 price trends and Solana’s recent performance, predicting that the similarity will positively influence SOL’s value. Marty said:

“Both Ethereum and Solana had 95% drawdowns. All you must focus on now is what happens next. Ethereum went up 2000% 660 days after its drawdown. Solana will do the same and more. We are 619 days since the drawdown. Thats $SOL to $2800 starting soon (using same % and durations),”

At the start of the year, Solana experienced a sharp uptrend, nearly reaching its all-time high (ATH) of $259 in March. However, SOL’s rally was followed by a price reversal, which saw it dip by 58%, hitting a new low of $121 on July 5th.

Marty explained that Ethereum (ETH) underwent a similar drawdown after its rally, facing a 95% drop in 2017. This slip was followed by a 2,000% price climb over 660 days, propelling it to an ATH of $4,875 in November 2021. Solana also experienced a similar downturn before the 2021 bull run.

Based on these historical patterns, Marty suggests that Solana might be on the brink of a similar price increase. He notes that approximately 619 days have passed since Solana’s downturn, and if the pattern holds, there could be about 50 days before a potential surge begins. Therefore, Solana could see an extraordinary rally, potentially reaching a target of $2,800, representing a 1,180% increase from its current price level.

According to CoinMarketCap data, Solana was trading at $154.61 at press time, increasing by 0.79% in the recent intraday session.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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