Talk of how impactful fear, uncertainty, and doubt (FUD) can be on a cryptocurrency asset then SOL, the native token of the popular smart contract protocol Solana would be a perfect example.
Undoubtedly, SOL had its worst year in 2022 as the asset fell by about 96% last year after hitting its all-time high of $260. This dramatic decline in the price of the Solana blockchain token was largely fueled by the numerous outages the blockchain network recorded in 2022.
Coupled with the unlocking of a huge amount of SOL tokens in late 2022 that amounted to 13% of the token's total supply, investors didn't hesitate to dump their bags. This huge panic-selling and shorting of SOL in the derivatives market saw the 12th-largest cryptocurrency by market cap (at the time of writing) trading for as low as $8 early this year.
But presently, the trend has begun to change for SOL as the entire crypto market moved away from the accumulation stage to the markup phase, showing a high likelihood for a bull run. The top-ranked crypto bitcoin is nicely leading the way as it is trying to consolidate above $23,000 at the time of writing.
Source: TradingView
It bears mentioning that the price action of bitcoin cannot be ignored as its trajectory and performance relatively and largely affects the price action of most altcoins including Solana (SOL).
Read More: Top Crypto Analysts Share Bitcoin (BTC) Price Outlook: Bull Trap or Bull Run?
Expert Analysts share bullish outlooks on Solana, predict the 2021 ETH-like rally for SOL
The sentiments around SOL are now bullish given that the price of the crypto asset has grown by more than 158% in the past 30 days and over 76% in the last 60 days at the time of writing. Accordingly, several technical analysts and crypto strategists have dropped their sentiments and predictions regarding the performance of the asset in the coming days and weeks.
Notable among these speculations is that of the pseudonymous and popular cryptocurrency a slyt, InmortalCrypto. According to Inmortalcrypto, the Solana blockchain native currency could imitate the price action pattern recorded by Ether (ETH) during the peak of the 2021 crypto market bull run. Should that happen, then SOL price would surpass its all-time high value of $260 in 2023, he implied.
Recall that in 2021 when the crypto market printed numerous green candles, the Ethereum blockchain native token ETH outperformed most assets as it recorded a price increase of 2,334%. Notably, as shown in the chart, ETH took off from around $200, broke its then-resistance of $400, and clinched its all-time high of $4,868 in November 2021.
Inmortalcrypto reckons that SOL could follow the price pattern ETH recorded in 2021. This he noted putting into reference the explicit parities seen on the SOL/ USDT chart which he shared with his Twitter followers early this year.
Per the chart, SOL's support level is at $22.84 with its nearest resistance noticed at the $60 level. On the whole, Inmortal implied that SOL could stage a 2,334% rally in 2023 just like ETH did in 2021. At press time, SOL is trading for $24.40 per coin with an increase of 2.39% in the last 24 hours.
Along with sharing his chart, Inmortalcrypto wrote, "Still in play, ETH vs SOL"
Likewise, another pseudonymous and prominent crypto analyst Altcoin Sherpa shared his bullish expectations for SOL, indicating that the performance of bitcoin would also determine the fate of the asset.
According to Sherpa, Solana would maintain the uptrend and probably touch $30 and above if BTC continues to pump. Here is what he told his 190k Twitter followers while sharing his SOL/ USDT chart:
Do we think this Solana run is going to keep going? I could see more upside to the mid $30s from here if BTC continues. Ultimately, though, I think that we fill the gap with trading volume between $17-$28 or so. Probably going to eventually trade there.
