Price Analysis

Will Solana (SOL) Price Follow the Ethereum (ETH) Price Rally?

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Highlights

    Solana price with a notable jump regained the top 5th spot in the ranking list and intends to surpass Tether soon

    The SOL price is expected to undergo a similar rally as Ethereum price and aim to attain a 4-digit figure very soon

Solana price showcased a splendid rally in the past couple of months by gaining a nearly 550% jump on an average. As presumed by many, the asset did initiate a small altseason as many altcoins flipped from the bearish divergence. No doubt SOL price is going through a thin air right now, but a monstrous rally may be on the horizon. 

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After rallying nearly 80% in the past seven days, the asset appears to have cooled down a bit. However, it does not signify a downtrend or a bearish divergence, as the selling pressure failed to weaken the bulls. The technicals are pretty bullish as the RSI has already diverted towards the north. Moreover, the asset may also follow the Ethereum price rally and record huge green candles to reach a 4-digit figure. 

Also Read: The Bull Run Of Decentraland(MANA) Price Is Still Not Over, Upcoming Rally May Be Huge!

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Source: Tradingview

As mentioned in the chart, the current Solana chart is somewhat similar to that of the Ethereum rally in 2017-18. Ethereum price had broken from a huge symmetrical triangle at the end of 2017 and rallied like a giant to hit $1400 in early 2018. If Solana price rally replicates a similar trend, then it may hit $500 within the current bull run. However, following the ETH price rally completely may also lead the asset to range as high as $1000 also. 

Collectively, Solana price currently may be trending at a slower pace, which can be considered as ‘calm before the storm’. The asset is strongly believed to resume the bull run shortly with an intensified pace to hit the target at the earliest. And hence the SOL price could eventually hit a 4-digit figure amid the current bull run following the Altseason 2021. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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