Solana appears ready for a bull run in the current cryptocurrency market targeting $600 in the foreseeable future. This astronomical prediction comes amidst speculation of a broader cryptocurrency market surge driven by Bitcoin and draws parallels to Ethereum’s historical price movements.
Independent market researcher Hansolar bases his positive comparison of Solana (SOL) on the cryptocurrency’s ability to mimic the price movements of Ether (ETH) during prior bull markets. For example, during the bull market of 2020–2021, the price of ETH rose from about $85 to $4,935, following the upward trend of Bitcoin.
Surprisingly, from the three-day chart below, ETH’s upswing intensified by about 1,400% after Bitcoin reached a new record high above $20,000.
If Bitcoin continues its long bull run over its record high of $69,000 set in November 2021, this fractal might recur in 2024. However, Hansolar contends that Solana might gain just as much this time if Bitcoin rises to its all-time high.
In his analysis, Hansolar noted, “Previously, ETH took off when BTC actually broke out into ATHs. It’s then when retail buys into SOL as the high beta catch up play.”
“Currently SOL is at around 50% from ATHs similarly to how ETH was around the 50% mark as BTC was nearing ATHs in the previous cycle.”
Nevertheless, Solana may set a long-term upside objective of $600 if Bitcoin continues to rally toward $150,000, a valuation that Fundstrat’s Head of Research Tom Lee projected would be necessary for ETF approval prospects. That is around 450% more than the SOL price at the moment.
