A crypto firm CEO this week implored traders not to overlook what he views as the clearest 500%+ trade setup emerging on Solana (SOL) over the coming months. He specifically predicts epic upside fireworks for the asset once the Bitcoin price tags a fresh all-time high marker, mimicking Ethereum’s reaction two cycles ago.
Posting to X on, Max of the analysis firm Because Bitcoin foresees uncanny similarities between current Solana chart signals and ETH at equivalent points in previous bullish macro regimes.
Much like Ethereum stagnated before exploding thousands of percent when Bitcoin peaked, he anticipates an identical violent response brewing for SOL.
Also read: Forbes Predicts Ripple (XRP) Price If Bitcoin Reaches $150,000
Max analyzes Ethereum’s rally amidst BTC’s 2020 breakout
Citing Fibonacci analysis, Max highlights Ethereum’s historical rallying from Bitcoin’s 2020 breakout point to tag the textbook 3.61 extension level months later as momentum shifted.
Expecting the same type of vertical parabolic move from where Solana trades today would theoretically carry prices up to roughly $900, by his estimate, once conditions align favorably.
Even though gains are still being made in most major cryptocurrencies, Max says that the opportunity risk-reward still heavily favors accumulating SOL while it is being slowed down in preparation for the upcoming Bitcoin stimulus.
Also read: Ethereum: Your ETH Investment in Nov 2022 Would Be Worth This Much
By his assessment, the best truly lies ahead for anyone with conviction in Solana beyond the short-term distractions dominating 2023 so far – to the tune of up to 500% gains on the table.
According to CoinGecko data, Solana SOL has been up by 24% in the last seven days. Additionally, the coin has also been up by 30% in the last 30 days. Solana’s year-to-date price performance currently stands at 500%, as per the latest data.