Solana [SOL] has been a standout performer during the last couple of years. The altcoin has recorded a outstanding uptick over time. At press time, SOL was buying and selling at $179.74 following a 6.70% each day spike. Regardless of its latest rallies, SOL has struggled to reclaim its all-time excessive of $260 which was achieved about 3 years in the past. At present, the asset trades 31% under this peak. However issues could possibly be altering for the cryptocurrency, based on a outstanding analyst.
Earlier right this moment, Ali Martinez took to X [formerly Twitter] and instructed that Solana may rise to a excessive of $1,000. He made this daring prediction primarily based on a chart that confirmed similarities between the altcoin’s present value and historic value actions from July 2021. The charts between 2024 and 2021 point out a attainable important value spike by exhibiting a consolidation section adopted by a breakout.
What Occurred in 2021?
Solana noticed an enormous value surge in July 2021. The altcoin surged from about $27 to an all-time excessive of $260. A outstanding technical breakout from a descending triangle sample, which is a bullish formation that incessantly alerts a pattern reversal or continuation, was the first driver of this 717% surge. Solana has damaged out of the same falling triangle sample and is at the moment buying and selling at about $178. This appears to be the identical as what was seen in 2021. It signifies that one other exponential value spike could also be approaching.
Whereas it’s unsure if SOL may have a breakout of this magnitude, the group appears constructive. A number of elements, together with the sentiment of the cryptocurrency market, may even come into play right here. As well as, the debut of a Solana ETF could possibly be a game-changer for the community.