SOL From $9 to $200: Can Solana Repeat Ethereum’s 2020-2021 Rally?

Amidst Bitcoin’s ongoing cryptocurrency market boom Solana (SOL) has climbed to $204 with a staggering 2000% growth from $9 at the beginning of 2023. An independent analyst with the X handle Hansolar speculated that Solana could repeat the great ETH surge of 2020-2021 bull market.

When SOL takeoff?

✦ SOL
Assuming SOL is the new ETH this cycle, I think SOL really takes off later than BTC and ETH.

Previously ETH took off when BTC actually broke out into ATHs.
It’s then when retail buys into SOL as the high beta catch up play.

Currently SOL is at around… pic.twitter.com/mwyhJ5DO6m

— hansolar (@hansolar21) February 28, 2024

Hansolar has sparked optimism in the community suggesting that Solana’s price could soar to $600, drawing parallels to Ethereum’s remarkable ascent during the previous crypto market bull run. Ethereum’s price surged from around $85 to a staggering $4,935 following Bitcoin’s uptrend in 2020-2021, a surge of approximately 1,400%.

Source: Hansolar

Bitcoin is set for an extended bull run above its November 2021 ATH of $69,000 and Hansolar believes Solana stands to benefit similarly.

Assuming SOL is the new ETH this cycle, I think SOL takes off later than BTC and ETH. Previously ETH took off when BTC broke out into ATHs.

The fundamentals of Solana indicate a promising outlook. The total-value-locked (TVL) across its ecosystem has reached 20.51 million SOL, its highest level since January 2023. Solana also surpassed Ethereum and other Ethereum Virtual Machine (EVM)-based Layer-2 solutions in 24-hour transaction volume, with Solana’s $3.654 billion outdoing Ethereum’s $2.397 billion.

Solana broke the $200 band earlier on Monday morning. With a bullish outlook, the chart indicates $257 as its next target.

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