Solana [SOL] has been a standout performer over the last couple of years. The altcoin has recorded a prominent uptick over the years. At press time, SOL was trading at $179.74 following a 6.70% daily spike. Despite its recent rallies, SOL has struggled to reclaim its all-time high of $260 which was achieved about 3 years ago. Currently, the asset trades 31% below this peak. But things could be changing for the cryptocurrency, according to a prominent analyst.
Earlier today, Ali Martinez took to X [formerly Twitter] and suggested that Solana could rise to a high of $1,000. He made this bold prediction based on a chart that showed similarities between the altcoin’s current price and historical price movements from July 2021. The charts between 2024 and 2021 indicate a possible significant price spike by showing a consolidation phase followed by a breakout.
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What Happened in 2021?
Solana saw a huge price surge in July 2021. The altcoin surged from about $27 to an all-time high of $260. A prominent technical breakout from a descending triangle pattern, which is a bullish formation that frequently signals a trend reversal or continuation, was the primary driver of this 717% surge. Solana has broken out of a similar falling triangle pattern and is currently trading at about $178. This seems to be the same as what was seen in 2021. It indicates that another exponential price spike may be approaching.
While it is uncertain if SOL could have a breakout of this magnitude, the community seems positive. Several factors, including the sentiment of the cryptocurrency market, will also come into play here. In addition, the debut of a Solana ETF could be a game-changer for the network.
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