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.
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