Solana’s price has seen a significant drop, mirroring the price action of major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) over the past month. However, one crypto analyst has identified striking similarities between Ethereum’s price action in 2017 and Solana’s recent price performance.
In a recent social media post, cryptocurrency analyst Marty suggests that these similarities could lead to massive change. Price increase Solana prices are expected to rise by 1800% in the coming months.
Is Solana Price making a comeback?
After Solana’s explosive statements Uptrend At the start of the year, which was close to its all-time high of $259 in March, the price suffered a continuous decline of 58%, reaching a low of $121 on Friday, July 5.
However, the crypto analyst spotted a strong similarity between ETH and SOL prices when examining the price action over longer time frames.
Marty Highlights Both Ethereum and Solana have seen significant declines following their respective highs. For example, Ethereum experienced a 95% decline in 2017, while Solana experienced a similar decline prior to its 2021 high.
It is worth noting that after Ethereum’s price plunge in 2017, its price rose by 2,000% over 660 days, reaching an all-time high of $4,878 in November 2021. Based on the similarities between Ethereum’s historical price action and Solana’s current performance, Marty expects a similar price explosion to await SOL.
Based on his analysis, Marty believes that the market has been in a bear market for 619 days since Solana’s low. By drawing a parallel to Ethereum gathering In the timeline, Marty suggests that there may be approximately 50 days left before a similar increase in SOL begins.
If Marty’s analysis is correct, Solana could be on the cusp of an extraordinary rally with an expected target of $2,800, which represents an increase of 1,800% from the current price level.
Consolidation for a potential bullish breakout
Solana price is trading flat at $140 and has held above this crucial level for the past two days, maintaining a range between current prices and $145.
Although there has been no major recovery this week, the importance of this level cannot be overstated, as it serves as a vital turning point. Support floor For the symbol, which was created five months ago.
This supportive floor is of utmost importance to bullish investors, as it paves the way for potential upward movements and acts as a barrier against upper resistance levels.
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In case of a renewed upswing in SOL price action, the primary target for bulls is to surpass the $150 level; this would pave the way for a challenge to the most prominent threshold for bears at $170, which is a very low level. Resistance level Which lasted for four months.
Overcoming this hurdle would open the door for further upward momentum, with targets set at $190, followed by $200 later on. This would also put Solana price in a position to reach its yearly high at $210.
Conversely, it is important for bullish investors to keep a close eye on the $134 level, which represents the next important support level for Solana price.
Featured image by DALL-E, chart by TradingView.com
