Expert Predicts Solana Hitting $1,000: Drawing Parallels with the 2021 Market Surge.

The rapidly growing Proof-of-Stake (PoS) crypto protocol, Solana (SOL), has been projected to a remarkably new price high by Ted, a renowned market analyst, investor, and one of the Key Opinion Leaders (KOL) at Binance. 

Taking to his official X handle, the shrewd investor called the attention of his over 122k followers to a familiar trend that has formed on the Solana price chart, speculating the possibilities of a previous cycle replication that will catalyze SOL’s price ascent above $800, implying a new all-time high (ATH). 

Advertisement

Previous Market Cycle And SOL’s Ascent To Its Current ATH

According to a price chart attached to Ted’s post on X, the rally in 2021 that eventually culminated in SOL’s November 2021 $259.96 ATH occurred sequentially in three phases, which the market expert termed, “First leg up,” “Consolidation,” and “Second leg up.”

The first phase progressed as an exponential price increment period, which halted to usher in the second phase; the consolidation period recorded slight market declines and windows of stagnancy before eventually breaking through to enter the final interval.

As anticipated, the second leg-up phase coincided with the 2021 general market rally, which orchestrated Solana’s accelerated price ascent to attaining its ATH. 

Notably, following the attainment of the peak price status in 2021, the second leg-up phase entered a prolonged market decline window that persisted till around 2023 before it started stabilizing in a new interval, ushering SOL into an accumulation stage, where it gathered momentum that has birthed a similar trend formation on the token’s price chart. 

Solana Hitting $1,000 With Previous Trend Re-appearance

Like the previous cycle described above, the displayed chart indicated the completion of the first leg-up phase, which entered the consolidation interval with SOL around the $160 price region. 

Interestingly, Ted stated that the consolidation period is over, implying that the second leg-up window is anticipated to take center stage soon with the potential to orchestrate SOL’s unprecedented rally to hit $1,000. In his exact wordings, the market analyst noted, “SOL is now entering the 2nd leg up, which could push its price towards $800-$1000.”

While Ted failed to mention any specific timeline for Solana hitting $1,000 to play out, the trading chart indicated that it would likely happen around mid to late 2025. 

$SOL Price Update

▫️ Similar fractal to that of 2021

▫️ 1st leg up ✅

▫️ Consolidation and breakout ✅
$SOL is now entering the 2nd leg up, which could push its price towards $800-$1000. pic.twitter.com/RHY3L8arDn

— Ted (@TedPillows) May 30, 2024

Solana Hitting $1,000 Seems Unlikely Based On Our Price Prediction Analysis. 

Contrary to Ted’s bold claims about Solana hitting $1,000, our estimation at Crypto2Community insinuated an unrelated future trend for the coin. According to our price prediction analysis, the maximum price SOL would most likely attain in 2025 is $342. While the projected price implies the establishment of a new ATH, it is relatively less than Ted’s forecasted $800 to $1,000 price levels.

Predicting when SOL could hit $800 to $1,000 based on Crypto2Community’s price prediction, we will be looking at periods between 2030 and 2040. 

SOL’s Selling Price Records Gradual Declines Over Specific Period Indices 

According to Solana’s market statistics on CoinGecko, the digital asset is trading at roughly $168.95, reflecting a 0.5% decline in the past 24 hours. Interestingly, the coin has also recorded declines in its 7-day trading data with a not-too-significant increment of about 5.3% in its 14-day selling price index. 

The gradual decline could indicate the consolidation phase, which Ted captured in his analysis via the price chart. It could also stem from other influences that might not necessarily support the investor’s claims, underscoring the intricacies of analyzing crypto assets’ price actions.

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Advertisement