After a long period of FUD and bearish sentiments around the smart contract protocol, Solana, many popular crypto pundits, and TA experts suspect SOL to rally in the coming days or weeks.
According to the pseudonymous and widely followed cryptocurrency analyst, InmortalCrypto, the Solana blockchain native token, SOL, could repeat the price action recorded by Ethereum (ETH) in 2021.
During the heat of the bull run in 2021, the second-largest crypto asset represented by the ticker ETH displayed a remarkable surge. Per the ETH/USDT chart, Ether began its rally from around $200, breaking out of its then-resistance of $400 to clinch its all-time high of $4,868 in November 2021.
The TA expert believes that SOL could follow ETH’s price increase pattern in 2021 considering the clear-cut similarities seen on the SOL/ USDT chart.
Per the chart shared by InmortalCrypto with his over 191k Twitter followers, SOL has strong support at $22.84 with its closet resistance seen at the $60 level. By implication, SOL could go beyond its all-time high of $259.9 if the $60 resistance is broken.
Still in play.$ETH vs $SOL pic.twitter.com/xXyt4Afizs
— Inmortal (@inmortalcrypto) January 16, 2023
Altcoin Sherpa, another well-known crypto analyst, took to Twitter on Monday to share his bullish sentiments on SOL, citing that some retracements could be seen. However, he noted the near-term performance for SOL would be dependent on bitcoin price performance.
Sherpa expects SOL to break the resistance at $26.5 before moving on in a non-linear pattern to hit $30 if BTC remains in an uptrend motion.
Do we think this Solana run is going to keep going? I could see more upside to the mid $30s from here if $BTC continues. Ultimately, though, I think that we fill the gap with trading volume between $17-$28 or so. Probably going to eventually trade there, Sherpa wrote.
$SOL: Do we think this #Solana run is going to keep going? I could see more upside to the mid $30s from here if $BTC continues. Ultimately, though, I think that we fill the gap with trading volume between $17-$28 or so. Probably going to eventually trade there. pic.twitter.com/oSdc7BH692
— Altcoin Sherpa (@AltcoinSherpa) January 16, 2023
But at the time of writing, SOL is trading for $23.4 per coin while bitcoin is changing hands at $21,300.
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