Solana [SOL] has been a standout performer over the past couple of years. The altcoin has recorded a outstanding uptick through the years. At press time, SOL was buying and selling at $179.74 following a 6.70% day by day spike. Regardless of its current rallies, SOL has struggled to reclaim its all-time excessive of $260 which was achieved about 3 years in the past. Presently, the asset trades 31% under this peak. However issues may very well be altering for the cryptocurrency, in response to 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 based mostly 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 doable vital value spike by exhibiting a consolidation part 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 continuously alerts a development reversal or continuation, was the first driver of this 717% surge. Solana has damaged out of an analogous 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 components, together with the sentiment of the cryptocurrency market, may even come into play right here. As well as, the debut of a Solana ETF may very well be a game-changer for the community.
