A popular crypto strategist and trader says smart contract protocol Solana (SOL) could mirror Ethereum’s (ETH) 2021 meteoric rise.
Pseudonymous analyst Inmortal tells his 191,200 Twitter followers that Solana could be following ETH’s pattern that eventually led to the top altcoin breaking out of its resistance at $400 in 2021 and rallying to its all-time high.
“Still in play.”
Looking at the trader’s chart, the similarities between the two charts could have more weight should Solana manage to take out its resistance at around $60.
At time of writing, SOL is changing hands for $23.18. The ETH rival has risen in value by nearly 200% from its low of $8.03 in December 2022.
Fellow crypto analyst Altcoin Sherpa is also keeping a close watch on Solana. He tells his 189,100 Twitter followers that while SOL has more upside potential, he believes the crypto asset will likely undergo a significant correction.
“Do we think this Solana run is going to keep going? I could see more upside to the mid $30s from here if BTC continues. Ultimately, though, I think that we fill the gap with trading volume between $17-$28 or so. Probably going to eventually trade there.”
As for Bitcoin (BTC), Inmortal predicts that the king crypto could briefly dip below $20,000 before recovering the key psychological level and rallying to around $24,000.
“$21,000 ? $18,000 ? $24,000.”
At time of writing, Bitcoin is changing hands at $21,055.
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The post Top Trader Says Solana (SOL) Could Repeat Ethereum’s (ETH) Explosive 2021 Rally – Here’s His Chart appeared first on The Daily Hodl.