The Solana price has experienced a significant decline, mirroring the price action of major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) over the past month. However, a crypto analyst has identified a significant parallel between the price movements of Ethereum in 2017 and Solana’s recent price performance.
In a recent social media post, crypto analyst Marty suggests that these similarities could lead to a massive price increase for Solana in the coming months, potentially resulting in a 1,800% rally for the Solana price.
Solana Price Set For Epic Comeback?
After Solana’s explosive uptrend at the beginning of the year, which brought it close to its all-time high of $259 in March, the price has suffered a continuous decline of 58%, reaching a low of $121 on Friday, July 5.
However, the crypto analyst has spotted a significant similarity between ETH and SOL’s prices when examining the price action over longer time frames.
Marty that Ethereum and Solana have experienced substantial drawdowns following their respective rallies. For instance, Ethereum faced a 95% drawdown in 2017, while Solana encountered a similar downturn before the 2021 bull run.
Notably, after Ethereum’s drawdown in 2017, its price skyrocketed by 2000% over 660 days, reaching an all-time high of $4,878 in November 2021. Building on the similarities between Ethereum’s historical price action and Solana’s current performance, Marty predicts a similar price explosion lies ahead for SOL.
Based on his analysis, Marty believes that the market has been around 619 days since the Solana drawdown. By drawing a parallel to Ethereum’s rally timeline, Marty suggests that there may be approximately 50 days remaining before a comparable surge commences for SOL.
If Marty’s analysis holds, Solana could be on the cusp of an extraordinary rally with a projected target of $2,800, representing a 1,800% increase from the current price level.
Consolidating For Potential Upside Breakout
Trading steadily at $140, the Solana price has consolidated above this crucial level for the past two days, maintaining a range between the current prices and $145.
While there hasn’t been a significant bounce this week, the significance of this level cannot be overstated, as it serves as a vital support floor for the token, which has been established over five months.
This support floor is of utmost importance for bullish investors, as it sets the stage for potential upward movements and acts as a barrier against upper resistance levels.
In the event of a renewed bullish surge in SOL’s price action, the primary objective for bulls is to surpass the $150 level; this would pave the way to confront the most notable threshold for bears at $170, a resistance level that has persisted for four months.
Overcoming this hurdle would potentially unlock further upward momentum, with targets set at $190 and, subsequently, the $200 mark. This would also position the Solana price to aim for its yearly high of $210.
Conversely, it is crucial for bullish investors to closely monitor the $134 level, which represents the next significant support floor for the Solana price.
Featured image from DALL-E, chart from TradingView.com