Is Solana’s Price Poised for a Remarkable Rebound?
Recently, crypto analyst Marty has drawn attention to striking resemblances between the price movements of Ethereum back in 2017 and Solana’s current performance. Marty suggests that these similarities could potentially lead to an impressive surge in Solana’s price, projecting a staggering 1,800% rally in the coming months.
- Solana witnessed a substantial uptrend earlier this year, nearing its all-time high of $259 in March. However, since then, the price has experienced a steady decline of 58%, hitting a low of $121 on July 5.
- Marty points out parallels between the price actions of ETH and SOL over extended periods, noting significant drawdowns following their respective rallies.
Marty’s Insights on Historical Price Movements
Marty highlights that both Ethereum and Solana encountered sizable drawdowns after notable price surges. In 2017, Ethereum’s price plummeted by 95%, while Solana faced a similar downturn before its 2021 bull run. Notably, following Ethereum’s drawdown in 2017, its price surged by 2000% over 660 days, reaching an all-time high of $4,878 in November 2021.
- Marty’s analysis suggests that it has been approximately 619 days since Solana’s drawdown, hinting at a potential surge on the horizon.
- If Marty’s predictions materialize, Solana could see a remarkable rally towards $2,800, indicating an extraordinary 1,800% increase from the current price level.
Potential Breakout for Solana Price
Currently trading at $140, Solana’s price has been consolidating above this crucial level for the past two days, maintaining a range between $140 and $145. While there hasn’t been a significant rebound this week, the $140 mark signifies a critical support level that has been intact for five months.
- This support floor plays a vital role for bullish investors, setting the stage for possible upward movements and acting as a barrier against upper resistance levels.
- In the event of a renewed bullish momentum, surpassing the $150 level would be a key objective for bulls, potentially paving the way to tackle the significant resistance at $170, persisting for four months.
- Exceeding this hurdle could unlock further upward potential, targeting levels at $190, $200, and aiming for the yearly high of $210.
- On the flip side, monitoring the $134 level closely is essential for bullish investors, as it represents the next major support floor for Solana’s price.
Hot Take: Is Solana Following Ethereum’s Footsteps?
As Solana’s price retraces following a notable surge earlier this year, Marty’s analysis draws intriguing parallels between Ethereum’s historical price movements and Solana’s current trajectory. With a potential rally of up to 1,800% on the horizon, Solana could be gearing up for a significant price surge in the coming months. Traders and investors alike are closely watching to see if history repeats itself and whether Solana’s price follows Ethereum’s remarkable price action from the past.
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