Solana's price action has shown similarities to the historical performance of Bitcoin (BTC) and Ethereum (ETH) during their 2019-2021 cycles.
Looking at the charts, both Bitcoin and Ethereum showed strong bullish moves after the initial breakout points.
Bitcoin, starting from a base near $3,424, has surged to an all-time high around $63,471, marked by Fibonacci extensions that highlight resistance levels that have turned into support levels.
Similarly, Ethereum moved from around $80 to peak above $4,000, after breaking out of the downtrend and consolidation phase.
Solana has seen a similar bullish recovery and pattern to these precedents. From $7.5, SOL has been making higher lows and higher highs, indicating a possible bullish accumulation and continuation.
Solana could reach $1,000 if it emulates these previous cycles, with price action breaking through key resistance levels.
Solana's move is in line with the Fibonacci levels at $919.37, indicating the possibility of an uptrend if it follows a similar path as Bitcoin and Ethereum during their bullish trajectories.
With its price currently approaching $410, the $1,000 prediction is ambitious but reflects the historical highs of the cryptocurrency market seen in Bitcoin and Ethereum.
#quoted
