- Independent analyst Hansolar predicts Solana’s price could reach $600 citing similarities to Ethereum’s 2020-2021 surge.
- Total-value-locked (TVL) crosses $4.21 Billion and with rise in daily SOL transactions.
- Solana breaks the $200 primary target supported by a bullish continuation pattern on its daily chart.
Amidst Bitcoin’s ongoing cryptocurrency market boom Solana (SOL) has climbed to $204 with a staggering 2000% growth from $9 at the beginning of 2023. An independent analyst with the X handle Hansolar speculated that Solana could repeat the great ETH surge of 2020-2021 bull market.
Hansolar has sparked optimism in the community suggesting that Solana’s price could soar to $600, drawing parallels to Ethereum’s remarkable ascent during the previous crypto market bull run. Ethereum’s price surged from around $85 to a staggering $4,935 following Bitcoin’s uptrend in 2020-2021, a surge of approximately 1,400%.
Bitcoin is set for an extended bull run above its November 2021 ATH of $69,000 and Hansolar believes Solana stands to benefit similarly.
Assuming SOL is the new ETH this cycle, I think SOL takes off later than BTC and ETH. Previously ETH took off when BTC broke out into ATHs.
The fundamentals of Solana indicate a promising outlook. The total-value-locked (TVL) across its ecosystem has reached 20.51 million SOL, its highest level since January 2023. Solana also surpassed Ethereum and other Ethereum Virtual Machine (EVM)-based Layer-2 solutions in 24-hour transaction volume, with Solana’s $3.654 billion outdoing Ethereum’s $2.397 billion.
Solana broke the $200 band earlier on Monday morning. With a bullish outlook, the chart indicates $257 as its next target.
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