Solana price may be gearing up to extend its gains after a top expert predicted it could surge to new highs if Ethereum (ETH) hits the ambitious target of $10,000. Should Ethereum price reach this milestone, the SOL price will follow suit with significant gains. The SOL/ETH pair has been skyrocketing as Solana outperforms Ethereum, further fueling speculation about how high SOL could rise in ETH’s price clicks $10,000.
On October 25, SOL price dropped by 0.5% after surging 12% for the week. This slight decline results from rejection at a point of solid resistance daily. However, SOL price action remains strong in a bullish trend expected to top out around $190-$200.
Solana Price if Ethereum Price Hit $10,000
If Ethereum hits the $10,000 milestone, Solana price would significantly increase to $1,000, according to Shah, a top expert analyst and founder of FHChronic. This represents a 484% increase from the current price, which is more than doable given the high volatility in the crypto markets.
ETH is going to $10K
Solana is going to $1K
Memes are going to ATHs
There’s nothing you can do to stop it
— shah (@shahh) August 23, 2024
Blockchain Center data shows the price of Solana has a 0.79 correlation coefficient to that of Ethereum, meaning that most of the time, when ETH rises, SOL will tend to follow. Most recently, Solana overtook Ethereum in price performance and daily fees, leading investors to speculate on how it could surge.
However, using the correlation coefficient, the SOL price forecast drops slightly to $581.07 by estimating Solana’s movement as 0.79 of Ethereum’s growth rate. Applying this, Solana is expected to rise by about 239.78%. The projection assumes the strong correlation will remain favorable for both.
Can SOL price Reach $580 or $1,000?
Solana is capable of reaching the predicted heights and even potentially surpassing them. An analysis of its weekly chart shows that the asset has two bullish scenarios.
- Bull Pennant: A bull pennant is almost nearing completion and has an upside potential of 109% from the current price. This would put the SOL price around $365. However, Solana must break above the $190 barrier before fully rallying to this target.
- Fibonacci Retracement: The Fib retracement tool, which is an indicator of potential support and resistance levels, shows that the SOL price needs to break above $211 before it can surge to new all-time highs. The bull pennant puts Solana price target at $365, above the 0.618 Fib extension level ($330). This is crucial because, beyond this level, the next resistance is at the $1,025 mark.
Solana price forecast shows bears must push prices below $138 and $120 if they want to invalidate the current bullish thesis. Otherwise, Solana remains one of the most bullish assets in the crypto market currently.
The post Top Expert Predicts Solana Price if Ethereum Price Hits $10,000 appeared first on CoinGape.
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