In 2021, two projects were known as Ethereum killers: Solana and AVAX. When the 2021 bull run ended and the decline began, both projects experienced sharp drops. Especially SOL’s decline due to the FTX events caused it to drop from over $200 to around $8. Despite this, Solana’s price recovered from those levels and rose above $200 at the beginning of 2024. Amidst all this, an analyst made significant statements about Solana’s future.
Will Solana Rise?
An analyst known for his frequent analyses stated that Solana (SOL) could rise by more than 850% before the current bull cycle ends. The analyst named Kaleo mentioned on X that Solana seems to be mirroring Ethereum’s price movement from late 2020, just before ETH surged to its all-time high of $4,878.
If Solana manages similar growth to ETH’s previous ATH during this bull market, $1,000 SOL is a reasonable target.
However, Kaleo also commented that Solana could reach higher price levels if it follows ETH’s 2020 scenario. In August 2020, ETH was trading at $308 before its parabolic price movement that lasted over a year.
Assuming Solana is where ETH was in August 2020, we could see a 1,400% increase to over $2,000.
As of the time of writing, Solana experienced a slight drop in the last 24 hours and continues to trade at $144. While SOL’s market cap fell to $67 billion, its trading volume rose by 21% to $2.6 billion, indicating that investors might be buying the dip.
AVAX Comments
The analyst is also monitoring the price movement of Avalanche (AVAX), another project previously known as an Ethereum killer. According to Kaleo, AVAX’s current price movement continues to reflect the movement seen in the first half of 2021.
At that time, AVAX experienced a clear drop before a vertical rally that took the altcoin to record levels of $144.96.
The current drop reminds me of what we saw in 2021 – starting the year with a rise, a drop, and then a surge to over $100.
As of the time of writing, AVAX’s price has dropped by 2.90% and continues to trade at $20.78.
