Cryptocurrency analyst and trader Michael van de Poppeshared his views on how high an Ethereum (ETH) competitor can go after SOL experienced explosive growth in 2021.
Speaking at a recent strategy session, Van de Poppe noted to his 157,000 YouTube subscribers that Tier-1 smart contract platform Solana (SOL) is taking good advantage of some of the Ethereum platform’s limitations, such as high transaction costs and scalability issues.
The analyst thinks that the crypto money markets in general are on an uptrend as they enter 2022. In this upward trend, Left (LEFT)If it can successfully break the $193 level, the altcoin will also surpass its previous all-time high.
“There are two levels that I personally watch, the $410 and $650 levels that could happen in a few more rallies.
But imagine we have an extensive bull market where Bitcoin is going to make a big breakout and the entire cryptocurrency market cap is going to make a big breakout.
We may be seeing an extreme rally for Solana here too, where we do this run, make another correction, and then start rallying once again before the entire bull market is over, which could lead to a rally that could get us to the right place. … let’s say we can even hit $1,000 or $1,500 and then we’re at the end of this bull cycle.”
While Van de Poppe believes his bullish price prediction that $600 SOL is possible during the current rally, he concludes by saying that the broader crypto markets must reach 5x before the SOL hits the $1,000 price tag.
At the time of writing, Solana (SOL) fell 3.42% on the day to $190.48. The fifth-ranked crypto-asset soared like a ballistic missile this year, climbing from $1.52 to a November high of $258.63 before correcting its current price.
The charting guru thinks that if the crypto markets continue to expand, there is no reason why Solana can’t do 3x against Bitcoin (BTC).
The analyst said the following about the SOL/BTC pair:
“Looking at a price forecast, if the market is going to expand itself to $10 to $15 trillion, it should be another 5x normal in Solana because that’s just the average for the entire market. But if we are looking at a Fibonacci extension, we can see ourselves rallying towards 0.0071 BTC ($352.62) or potentially 0.012 BTC ($595.97).
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.