Crypto Analyst Predicts 800% Solana ($SOL) Price Rally, Builds up Long-Term Position

In his analysis, the trader showed Solana appears to have a major support zone around the $80 mark, and noted that while he is adding slowly to his position there may be entry points below the $100 mark as well. In a separate tweet, the trader predicted SOL could reach $1,000 in the future.

As reported, the price of Solana broke through a key technical level for the first time this year in March, a month in which it recorded double-digit returns and was the best-performing cryptoasset among the top coins.

According to CryptoCompare’s latest Asset Report, the price of Solana rose 23.2% in March to reach $123 at the end of the month, after previously failing to close February above the $100 mark.  The cryptocurrency’s rise saw it record double-digit returns for the first time since October 2021, and break through its 50-day moving average for the first time in 2022.

Solana is a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers that uses a delegated Proof-of-Stake (dPoS) consensus algorithm. The network uses a unique method of ordering transactions to significantly improve its speed and throughput.

As Daily Hodl reports, the trader also revealed he is bullish on Terra ($LUNA), predicting the cryptocurrency will soon surpass the $100 mark. LUNA is currently trading for $86 a token.

The trader also pointed to a comparison between Avalanche ($AVAX) and LUNA, suggesting there’s a “potential catch up play” about to occur, implying both cryptocurrencies could soon start moving up after enduring sell-offs.

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