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Solana Could Reach $600 at Next Crypto Market Peak

Fast Take
  • Solana could mirror ETH’s historic rise
  • Rising Bitcoin could benefit Solana
  • Potential for Solana to reach $600
Solana
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On the cryptocurrency horizon with Bitcoin above $60.000, Solana emerges with bright potential, suggesting a price trajectory that could mirror the meteoric rise of Ether (ETH) during the market's previous all-time highs.

Hansolar, a cryptocurrency analyst, compares Solana's possible appreciation trends with ETH's performance in 2020 and 2021, when ETH jumped from approximately $85 to a peak of almost $4.935, closely following the wave Bitcoin bullish.

This comparison is based on the observation that after Bitcoin surpassed the $20.000 mark, ETH saw an astonishing increase of around 1.400% in value. History suggests that with Bitcoin potentially embarking on another long upward journey above its previous all-time high of $69.000, Solana could reap similar benefits during this cycle.

Hansolar highlights an interesting pattern: “Previously, ETH took off when BTC actually turned into ATHs. It is then that retailers buy SOL while the high beta updates.” He notes that just as ETH was about 50% below its ATHs (All-Time Highs) when Bitcoin was approaching its own ATHs in the previous cycle, Solana currently finds itself in a similar position.

This analysis gains even more weight with the prediction from Tom Lee, head of research at Fundstrat, who projects Bitcoin reaching $150.000. This optimistic scenario could position Solana to aim for an ambitious target of $600 in the long term, marking a nearly 450% jump from its current value.

This growth potential highlights the fascinating dynamics of cryptocurrency market, where Bitcoin's bullish waves could significantly boost the value of altcoins like Solana, reinforcing the interconnection between the various cryptocurrencies and their collective market performance.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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