Like Bitcoin and Ethereum, Solana also remains disappointing. In spite of the increment in spot rates, the decay continues. Agreeing to the candlestick pattern, this see will alter when the bulls take the costs over $155 and in the long run $190.
Will SOL rise to $2,800?
Although Solana has gained 20% from its June 2024 lows despite last week’s selling pressure, some analysts are optimistic and expect further gains in the months ahead.
In a post on X, one master expressed that; based on the SOL cost development over the final three months, the currency might beat the bigger advertise, rising to at least $2,800 in the next bull cycle.
Will Solana follow Ethereum? | Source: @martypartymusic via X
The expert made a comparison between the current SOL price action and Ethereum in 2018. After reaching a new high of nearly $1,400, the currency fell below $100 in 2018, erasing most of the gains of the previous bull cycle.
Riding on a flood of easy credit and monetary policies in 2021, Solana soared to $240. But after hitting its peak, the currency shrank and fell to as low as $8 in November 2022. The collapse of FTX and Alameda Research made the ruin even worse.
It is interesting to note that the analyst observed ETH experienced significant losses following the surge before seeing a 660-fold increase in just 20 days.
Surprisingly, the researcher observed ETH experienced severe losses after the surge and increased by over 20 times after 660 days.
Solana price trending lower on the daily chart | Source: SOLUSDT on Binance, TradingView
Since the profundity of ETH and SOL’s 2018 and 2022 retracements were generally break even with, the investigator accepts SOL will develop. According to the researcher, SOL could go beyond $2,800 in future sessions.
Solana, Home of Meme Coins, Spot ETF Hopes
There could be several underlying reasons behind this optimism. One of these is the growing popularity of Solana over the past few months.
Developers, especially those working on meme coin projects, are increasingly attracted to the network because of its low fees and excellent scalability. So far, major meme coins with billions of dollars in market capitalization, such as BONK and BOME, are available on Solana.
The recent move by VanEck and 21Shares to apply for a Solana exchange-traded fund (ETF) has also received an encouraging response. But there is reason to be optimistic, given recent events involving the Spot Ethereum ETF.
If the Spot Solana ETF is allowed in the United States, institutions will invest in it, pushing the prices even higher.
