Sunday, June 16, 2024

Analyst: Solana (SOL) Poised to Mirror Ethereum’s Impressive 2021 Growth

Solana (SOL) Gaining Momentum to Emulate Ethereum’s Historic Price Surge, Suggests Crypto Trader.

According to a prominent crypto trader closely followed by the community, Solana (SOL) shows promising signs of replicating the remarkable price trajectory witnessed by Ethereum (ETH) during 2020-2021. Inmortal, a pseudonymous crypto analyst, recently shared insights with his substantial Twitter following of 194,900, indicating that Solana’s current price action resembles the setup observed in ETH just before its extraordinary surge from $400 to nearly $5,000 within a few months.

Inmortal drew attention to a fractal comparison between ETH and SOL, inviting those familiar with this pattern to acknowledge the potential parallel. Based on his analysis, he suggests that Solana may experience a significant rally, surpassing previous all-time highs, after breaching the resistance level of $60, akin to Ethereum’s rise from $400 to explosive new highs in late 2020.

As of now, Solana is trading at $19.71, reflecting a 3.3% increase over the past 24 hours. This upward movement has garnered attention from Kaleo, another respected pseudonymous analyst with a substantial Twitter following of 593,100. Kaleo expresses optimism about Solana’s prospects, specifically in relation to Bitcoin (BTC). He highlights SOL’s impressive recovery from the aftermath of the FTX debacle and the rapid development of its ecosystem in recent months.

Kaleo further emphasizes his confidence in Solana’s potential, stating, “The Solana community’s relentless pursuit of growth post-FTX collapse leads me to believe it will bridge the gap and return to pre-FTX insolvency levels this year.”

With both Inmortal and Kaleo lending their bullish sentiment to Solana, the crypto community eagerly awaits the unfolding of events, as SOL gears up to potentially follow in the footsteps of Ethereum’s historic price surge.

Read Also: Over 130 Countries Speeding Towards CBDC System, Majority Already in Advanced Phases

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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