Cryptocurrency Analyst Ali Martinez identified similarities between Solana’s current price action and bull market in 2021According to his analysis, Solana (SOL) could rise above $1,000 if it repeats its 2021 move.
Solana could go up to $1,400
Martinez predicted that Solanum could rise to $1,400, which shows that Solana looks “very similar to July 2021.” July 2021 was the moment when SOL began its parabolic run in the last market cycle, rising from around $30 to current all-time high (ATH) $260 in November 2021
Based on the chart shared by Martinez, Solana is once again at a breakout point where it could enjoy a massive rally and rise over 700% to $1,400. Interestingly, the analyst predicts that SOL could reach that level price target until November. However, it is worth mentioning that SOL did not enjoy its parabolic rally in 2021 until the following year after halving event in this market cycle.
As such, Solana may not enjoy such a run until the latter stages of this bull run. Whatever happens, Martinez is confident that SOL will rise above $1,000. So far he stated that early signs of a breakout from the bullish streak suggest a potential 900% upside for Solana shares if the price rises above $1,000.
Recently, the analyst also referred to a CoinGecko study that found that only 10.6% believe Solana can rise above $1,000. Based on his predictions, Martinez mentioned that he “would bet everything” on Solana reaching this milestone.
Solana undoubtedly boasts a bullish outlook, and it is no surprise that analysts like Martinez are convinced that the crypto token can reach such heights. SOL continues to make its presence felt in this bull run, and even recently turned over BNB become the fourth largest cryptotoken by market capitalization.
It is worth mentioning that Solana is currently outperforming Bitcoin and Ethereum in this market cycle, and cryptocurrency analysts like Borovik, lifted possibility of SOL overturning ETH.
Solana’s short-term price target
Rekt Capital Cryptocurrency Analyst recently suggested that Solana could soon hit $202. This is in line with his last analysisin which he noted that SOL had apparently successfully tested the $180 support level. He added that Solanum In time, it will be able to break through the $202 resistance level again if it manages to hold the $180 level as up-to-date support.
Rekt Capital previously mentioned that a successful retest of the $180 price level as a up-to-date support for Solana could enable continuation of the upward trendHence, Solana could retest the $202 resistance level and even enjoy a successful breakout from this range, which would allow it to reach the current ATH.
At the time of writing, Solana shares are trading at around $184, up more than 4% in the past 24 hours, according to data from data from CoinMarketCap.
Featured image from Reddit, Chart from TradingView
