After revisiting the demand zone between $115 and $140, SOL is poised to break crucial Fib levels. Interestingly, the altcoin has extended correction in the same zone for more than a week indicating a strong consolidation phase. However, the footsteps confirm the current resilience would soon catalyze the price action.
Solana Price Poised For a 600% Upswing!
Solana’s price cycle appears to be mimicking the cycle of Ethereum. The current cycle of SOL resembles ETHs price action from 2018 to 2020. With a clear breakout at 3.618 fib levels, the star altcoin surged by over 600% to claim 4.618 fib levels. If SOL continues to imitate, then breakout at 3.618 fibs would trigger the altcoin to surge up to $1270 in 2022.
In addition, SOL’s growth has been moving closer and even appears to surpass the human capital of Ethereum. The ecosystem appears to be promising as the platform facilitates faster transaction speed at a reliable cost. The total number of transactions on star altcoin has surpassed 1.07 billion up to date, whereas Solana accomplished over 15 billion transactions.
Since the start of 2021, Solana has shown heavy volatility with 10,000% gains year-to-date compared to Ethereum. However, the only challenge for the emerging platform is to fix the issues related to the consensus mechanism that it works on. If it manages to run hassle-free, then the $1000 mark is inevitable in 2022!
Collectively, if the current consolidation breaks out, then the SOL price is expected to retest $175 with a 12% upswing taking it closer to the 3.618 fib levels. NFT boom on the SOL platform is further expected to catalyze the price action in the coming days. If it falls apace in contrast to Ethereum then it would settle down at bottom support between $115 and $140.
Source: https://coinpedia.org/altcoin/solana-solprice-to-hit-1270-in-2022/