Amid what is an extended rally for Solana, one analyst has recently said a $1,000 SOL is ‘coming soon. The token surpassed BNB as the fourth-largest crypto in the world by market cap. That could only be the beginning milestone for the asset, as a historical pattern signals impressive gains to come for the token.
SOL has increased more than 6% over the last 24 hours, according to CoinMarketCap. Moreover, it has increased a remarkable 31% in the last 30 days as it secures its position above the $181 level. Now, all eyes are on where it could go from here, and what could drive its price to new heights.
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Solana Could be Eyeing $1,000 All-Time High, According to One Expert
After the arrival of Bitcoin and Ethereum ETFs this year, the entire crypto market is anxiously awaiting what asset could be next. To this point, two tokens have emerged as favorites. Both Ripple and Solana have garnered interesting support for the prospect, one is seemingly pulling away.
Amid its recent ascension on the top cryptos list, Solana could be eyeing a massive surge to $1,000, according to one analyst who believes in SOL’s long-term potential. Indeed, Ali Martinez took to X (formerly Twitter) to give his thoughts on where the token could go in the near future.
“Solana is looking a lot like July 2021,” Martinz said in a Friday post. “$1,000 SOL is coming soon,” he added. His reasoning seems to be rooted in the asset’s July 2021 performance. Then, the asset had reached its current all-time high mark.
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The token had exploded in value three years ago. It had reached a low of around $27 and reached its highest mark of $260 in November. The 71% rally was the result of a strong technical indicator that showcased a descending triangle pattern. The bullish formation had noted an incoming reversal for the token.
Solana is now trading above $181 and has broken out of that same pattern. The current technical indicators show a nearly identical set up for the token. It does signal that a massive surge in value could be on the horizon.
Although historical indicators are not incredibly reliable, there is some weight to this position. The asset is set to find support at $165, and is now targeting $200. If a trip above that mark is successful, a new all-time high is certainly plausible. Sustaining a bullish sentiment could then have SOL chasing a four-digit price.