In recent periods, the surge in on-chain activity for Solana suggests a robust demand for SOL tokens, as per independent market analyst Hansolar.
Hansolar points to Solana’s potential to emulate Ethereum’s (ETH) price trajectory during previous bull markets. During the 2020-2021 cycle, ETH soared from around $85 to a peak of $4,935, following Bitcoin’s upward trend.
This historical pattern might repeat in 2024 as Bitcoin aims for a sustained bull run beyond its November 2021 peak of $69,000. According to Hansolar, Bitcoin’s surge to new all-time highs could also benefit Solana this time.
“Previously, ETH experienced significant growth when BTC reached new all-time highs. This trend led to retail interest in SOL as a high-beta catch-up investment,” stated Hansolar, noting:
“Currently, SOL is approximately 50% down from its all-time highs, similar to ETH’s position when BTC was nearing its previous all-time highs.”
With Bitcoin potentially reaching $150,000, as predicted by Fundstrat’s Tom Lee based on ETF approval prospects, Solana could target $600 as its long-term upside goal. This represents an increase of nearly 450% from the current SOL price.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoasset