A leading crypto trader and analyst says an Ethereum (ETH) competitor appears ready to surge by more than four times its current levels.
His target price is now $900 – an appreciation of more than 360% from SOL’s current value.
Elliot Wave theory is a method of identifying where assets are heading using crowd psychology, which tends to manifest itself on charts in a series of waves.
“Monthly reminder $900 Solana (SOL) is not a joke, it’s gonna happen…
ETH/BTC looks bullish, SOL/BTC looks bullish, but SOL/ETH also looks bullish, so naturally SOL is my largest bag and I believe it outperforms BTC and ETH.”
According to CoinGecko, Solana is trading at $192 at the time of writing, down about 10% from its September all-time high.
Smart Contracter says he believes Solana’s recent resurgence is in its early days after the altcoin rose above two key levels of resistance.
“Got SOL low key breaking downtrends of two different degrees, this bad boy runs hard when it gets going and it’s only just getting started here.”
The top crypto trader says that last month Solana began displaying similar chart behavior to Binance Coin (BNB), which surged by over 1,600% to a record high between January and May this year.
He says that if Solana replicates BNB’s pattern, a price of $900 is in the cards.
“Same vibes, same narrative…
If SOL follows the run BNB had it can go to $900.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Obsidian Fantasy Studio