Solana (SOL) is currently in bearish territory. Prices are up at spot rates. The downtrend persists. Bulls need to push prices above $155, then $190, to change this outlook.
One analyst on X is bullish on SOL. They predict significant gains in coming months. The analyst sees parallels with Ethereum's 2018 performance.
SOL might outperform the broader market. The analyst targets at least $2,800 in the next bull cycle. This forecast is based on SOL's recent price action.
Ethereum hit $1,400 in 2018. It then crashed below $100. Solana peaked at $240 in 2021. It later plummeted to $8 in November 2022. FTX's collapse worsened the dump.
The analyst noted ETH's sharp rally after its crash. It surged over 20X within 660 days. SOL's retracement depth mirrors ETH's 2018 drop. This similarity fuels the bullish prediction.
Several factors drive this optimism. Solana's rising prominence is key. Developers are flocking to the network. Low fees and high scalability are the main draws.
Meme coins are booming on Solana. BONK and BOME, worth billions, run on the platform. This trend is boosting Solana's profile. At some point Solana might turn out to be the ultimate place for all the leading meme coins to live, and that's going to be a really big deal.
Recent ETF developments are another positive sign. VanEck and 21Shares have applied for spot Solana ETFs. These filings are still early-stage. The SEC will review them rigorously.
Hopes are high due to recent spot Ethereum ETF developments, though nobody can tell for sure that this is about to happen with a high level of certainty. If approved, a spot Solana ETF could be a game-changer. It would allow institutional exposure to SOL.
This institutional interest could push prices higher. The analyst's $2,800 target suddenly doesn't look so crazy. But as always in crypto, only time will tell.