Solana, like Bitcoin and Ethereum, has been struggling lately. But even though the price is down, some analysts are seeing a bright future.
Solana’s Past and Future
One analyst, comparing Solana’s current situation to Ethereum in 2018, believes that Solana could see a massive price surge in the next bull market.
Here’s the breakdown:
- Ethereum’s 2018 Dip:
Ethereum saw a huge price drop after reaching a high of $1,400. It fell below $100, wiping out most of its gains. - Solana’s 2022 Crash: Solana also experienced a major crash after reaching a peak of $240. The FTX collapse made things even worse.
- The Big Comeback: The analyst points out that Ethereum bounced back from its 2018 dip and saw a 20x increase in price within two years. Since Solana’s crash was similar in depth to Ethereum’s, the analyst believes Solana could see a similar rebound.
Reasons for Optimism
There are a few reasons why the analyst is bullish on Solana:
- Meme Coin Hub:
Solana is becoming a popular platform for meme coins, with projects like BONK and BOME gaining traction.
- Spot ETF Hopes: VanEck and 21Shares have applied for spot Solana ETFs, which could open the door for institutional investment and drive prices higher.
While it’s still early days for the ETFs, the recent approval of spot Ethereum ETFs has raised hopes for Solana.
The Bottom Line
The analyst believes that Solana could reach a price of over $2,800 in the future. While this prediction is based on historical comparisons, it’s important to remember that the crypto market is volatile and anything can happen.
