Crypto analyst Kaleo sparked excitement on X (formerly Twitter) by highlighting similarities between Solana’s (SOL) current price chart and Ethereum’s (ETH) just before its significant rally in late 2020. Kaleo suggests that if Solana mirrors Ethereum’s growth from that point, a $1,000 price target for SOL isn’t out of the question.
The current $SOL chart looks incredibly similar to what $ETH did in late 2020 prior to sending to new ATHs.
If Solana manages similar growth from the previous ATH that ETH did last cycle during this bull market, $1K SOL is a reasonable target. pic.twitter.com/JYqaLtomUs
— K A L E O (@CryptoKaleo) August 12, 2024
Kaleo’s close examination of Solana’s recent price chart reveals striking parallels to Ethereum’s trends before it soared to new all-time highs. This pattern has fueled speculation that Solana could follow in Ethereum’s footsteps, potentially reaching unprecedented price levels if broader market conditions align favorably.
This assertion has sparked a lively debate about Solana’s future price trajectory. Notably, reactions on X vary widely. X user Hodl E echoed the sentiment that Solana will reach $1,000 by stating that it would become a reality once the U.S. Federal Reserve adopts “a looser” monetary reserves policy in September. Another X user noted that he has consistently advocated for a $1,000 Solana price target for over eight months.
Conversely, skepticism remains prevalent among more cautious observers. Mayo, a community member, criticizes the reliance on historical Ethereum data to forecast Solana’s trajectory, dismissing it as more akin to gambling than investing.
Another crypto enthusiast pointed out that Solana attaining a $1,000 price from its current value would elevate its market cap beyond that of Ethereum. The commenter emphasized that such a scenario is improbable, stressing the need for realistic expectations and thorough analysis.
It is important to note that Kaleo’s analysis did not imply Ethereum’s value would remain stagnant while Solana reaches $1,000.
