Solana Set to Repeat History with 7X Rally to $1,432 in Four Months

Prominent analyst Ali Martinez forecasts a resurgence of history in which Solana could rally by over 700% within the next four months to $1,432.

Solana (SOL) has rebounded notably from the brief Bitcoin-led retracement, now posting a gain of over 6.5% today to trade at $180. At this price, SOL delivers an over 30% return for investors who acquired the asset a month ago.

This impressive performance has attracted the attention of prominent market observer Ali Martinez to explore Solana’s likely future trajectory. Taking to X, Martinez revealed that Solana’s current chart patterns are giving vibes of the 2021 bull season.

Solana Eyes $1,431 with Likely Historical Resurgence

Specifically, Martinez pointed out a symmetry between Solana’s current candlesticks and those of the consolidation phase leading up to July 2021, when the trend shifted. Notably, when the Solana downtrend recalibrated in July 2021, the asset traded at an average of $30.

From then on, Solana engineered an up-only trend, reaching a high of $214 by September 9, 2021. This marks an impressive growth of 616% within two months. The token encountered a brief retracement afterward but resumed the uptrend shortly after. 

Ultimately, Solana set an all-time high of $260 in November that year. Essentially, Solana experienced an over 7X surge within four months, from July to November. 

As Martinez observes a similar trend currently emerging with Solana, he proposes a seven-fold price growth that would add $1,212 to SOL’s value. Notably, this projection potentially puts Solana above $1,432.

Accordingly, the analyst declared that a $1,000 Solana is on the horizon, likely by November, based on historical observation.

#Solana is looking a lot like July 2021… $1,000 $SOL coming soon! pic.twitter.com/J0Yx5npfiS

— Ali (@ali_charts) July 26, 2024

Can Solana Surpass $1,000 this Season?

Reacting to Martinez’s bullish sentiment, an X user suggested that expecting a $1,000 Solana this year might be premature. 

This observation is based on the fact that Solana reached its $260 all-time high the year following Bitcoin’s 2020 halving. In contrast, Bitcoin halved just three months ago. In other words, the current bull market may still have many months ahead before reaching similar peaks.

Meanwhile, the expectation of Solana surpassing the $1,000 threshold is not widely shared among market participants. A recent survey by market tracker CoinGecko revealed that only 10.6% of 2,558 respondents in a two-week survey favored above $1,000 for SOL. The majority, one in four respondents, expects Solana to surpass $300 this bull season.

Our survey results show 24.9% of participants expect SOL to go as high as $300 this cycle, with mixed views on higher targets. The second most popular prediction is the $300-$400 range (14.7%).

Read the full study: https://t.co/bDDTNC4wD4 pic.twitter.com/WektH09VEQ

— CoinGecko (@coingecko) July 26, 2024

Nonetheless, Solana is renowned for explosive growth; it is currently the best performer among the top-ranking assets, with a yearly return of 637%. A while ago, Solana outranked BNB to become the third-largest crypto behind Ethereum.

Its commendable performance, driven by a surge of meme coin launches on its blockchain, supports the views of analysts predicting Solana will exceed $1,000.