Ethereum

Solana

Bitcoin

when

Epic

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 <a href="https://www.newsbtc.com/news/ethereum-goes-budget-friendly-transaction-fees-drop-to-lowest-since-2016/" target="_blank" rel="noopener ">price increase</a> for Solana in the coming months, potentially resulting in a 1,800% rally for the Solana price.&nbsp; 
<h2 id="solana-price-set-for-epic-comeback">Solana Price Set For Epic Comeback?</h2> 
After Solana’s explosive <a href="https://www.newsbtc.com/news/bitcoin/is-the-bitcoin-bottom-in-price/" target="_blank" rel="noopener ">uptrend </a>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.&nbsp; 
Marty <a href="https://x.com/martypartymusic/status/1811141876021363022" target="_blank" rel="noopener nofollow">highlights </a>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.&nbsp; 
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.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-629314" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=860&amp;resize=860%2C401" alt="Solana price" width="860" height="401" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=4096 4096w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=860&amp;resize=860%2C401 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSJ3ICKWwAAxrmA.jpeg?w=3000 3000w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
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 <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-to-hit-new-heights-analyst-predicts-10x-growth/" target="_blank" rel="noopener ">rally </a>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.&nbsp; 
<h2 id="consolidating-for-potential-upside-breakout">Consolidating For Potential Upside Breakout</h2> 
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 <a href="https://www.newsbtc.com/news/filecoin-boom-incoming-market-optimism-fuels-cryptos-next-breakout-star/" target="_blank" rel="noopener ">support floor</a> for the token, which has been established over five months.&nbsp; 
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 <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-bullish-momentum-above-bearish-trendline-is-60152-mark-within-reach/" target="_blank" rel="noopener ">resistance level</a> that has persisted for four months.&nbsp; 
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.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/eq2jzKnx/" alt="Solana price" width="1814" height="858"> 
Featured image from DALL-E, chart from TradingView.com&nbsp;

Solana Price Tipped For Explosive 1,800% Rally, Analyst Foresees $2,800 Price Target

Inhoudsopgave

NewsBTC

Andere artikelen gepubliceerd op 11 jul 2024

The Philippines’ DOJ charges two Russians for alleged involvement in $7 million crypto heist

Diljit Dosanjh’s tour ties to Crypto, What does It mean?

Mafia Tate (MAFTATE) Solana Memecoin Will Skyrocket 14,000% as KuCoin Listing Announced, While SH...

German Government Completes Massive Bitcoin Sell-Off – Will BTC Price Skyrocket to $75,000 Now?

Railgun Blocks Inferno Drainer’s $533K Laundering Attempt with New Privacy Protocol

PlayDapp Roadmap - Q3 2024

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!