3 reasons why Solana can repeat Ethereum's 2018 fractal to 5,000% gains
Solana (SOL) still has room to fall in the near term, but SOL/USD can rally 5,000% if it follows in the footsteps of its top rival Ethereum.
SOL risks dropping to $15 on anticipations it would behave like Ethereum during the market crash in 2018.
Notably, Ethereum's native token Ether (ETH) price fell to nearly $79 in December 2018 after undergoing a 95% correction earlier that year from its peak of $1,529. Afterward, it underwent a long recovery, rising nearly 6,000% over the next four years and thus hitting a record high of around $4,950 in November 2022.
Solana, which rivals Ethereum for its top spot in the smart contracts sector, has fallen by over 85% after peaking out in November 2021 at nearly $267. That leaves the token with the room to fall by another 10% when measured from its said record high.
Popular analyst PostyXBT says SOL could decline to $15, thus mirroring Ethereum's bear cycle in 2018. What's more, the Solana token could see an Ethereum-like recovery in the coming years that could take SOL price to over $750, he adds.
$ETH did a ~60x from the 2018 lows despite many people calling for it to hit zero...If $SOL drops to $15 I think a ~50x is on the cards whilst people call for it to nuke to zero.For those who question the functionality issues and outages, remember that hype always wins.
Meanwhile, another popular analyst, Spencer Noon, thinks on the same lines, albeit without sharing a clear upside target.
Noon argues that Solana has been going through a "disillusionment" phase that plagued the Ethereum market in 2018, noting that the project would eventually overcome its difficulties.
"Solana has a vibrant developer ecosystem, and its downtime issues are solvable. This will be obvious in retrospect," he said.
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