Solana [SOL] Has been one of the best performers over the past two years. Altcoins have seen a significant increase in value over the past few years. SOL’s price was $0.02 at the time of publication. trading After a daily increase of 6.70%, the price is now $179.74. SOL, despite its recent rallying, has been unable to recapture its previous all-time peak of $260 that was reached about three years ago. The asset is currently trading 31% lower than its peak. Analysts believe that the situation could change soon for bitcoin.
Earlier today, Ali Martinez took to X [formerly Twitter] And suggested that Solana might reach a peak of $1,000. This bold prediction was based on an altcoin chart which showed similarity between its current price and the historical price movement from July 2021. Charts between 2024-2021 show a potential significant spike in price by showing consolidation followed by breakout.
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What Has Happened Since 2021
Solana experienced a massive price increase in July of 2021. Altcoins soared in price from $27 up to a high of over $260. This 717% increase was primarily driven by a prominent breakout of a descending triangular pattern. A bullish formation, this is often a sign that a trend will continue or reverse. Solana broke out from a similar pattern of falling triangles and currently trades at around $178. The pattern seems similar to what we saw in 2021. This could indicate that another price explosion is on the horizon.
The community appears to be optimistic, even though it is not clear if SOL can have a break-out of such magnitude. This will be influenced by a number of factors including sentiment in the crypto market. A Solana ETF launch could also change the game for this network.
Also Read: Solana: Analyst Says SOL Could Surge 900% in 2024
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Source: watcher.guru
