Top Expert Predicts Solana Price if Ethereum Price Hits $10,000

by

As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset landscape, I’ve learned to take expert predictions with a grain of salt but always keep a watchful eye on the market trends. The recent prediction by Shah, a well-respected analyst, that Solana (SOL) could surge to $1,000 if Ethereum (ETH) reaches $10,000 has piqued my interest.

If a respected analyst suggests that Ethereum might hit an unprecedented $10,000 mark, it’s possible that Solana’s price could escalate further, reaching new peaks. If Ethereum indeed achieves this goal, Solana’s value is likely to increase substantially. The correlation between SOL and ETH has been strong lately, with the former outperforming the latter, sparking speculation about potential heights that Solana might reach when Ethereum’s price approaches $10,000.

On October 25th, the price of SOL decreased by 0.5% following a weekly surge of 12%. This minor dip is attributed to a resistance point being met and rejected daily. Despite this, the overall trend for SOL remains robust and bullish, with expectations that its peak will be reached around $190-$200.

Solana Price if Ethereum Price Hit $10,000

As a researcher, I’ve been closely monitoring the cryptocurrency market, and based on the insights shared by Shah, a renowned analyst and founder of FHChronic, if Ethereum reaches the $10,000 mark, it’s anticipated that Solana could potentially surge to around $1,000. This projected increase represents approximately 484% from its current value, a significant leap, but considering the high volatility in the crypto realm, it’s not an entirely unrealistic scenario.

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

According to Blockchain Center’s data, the price of Solana exhibits a strong 0.79 correlation with that of Ethereum. In other words, when Ethereum increases in value, Solana usually follows suit. Lately, Solana has surpassed Ethereum in terms of price performance and daily fees, sparking speculation among investors about its potential for further growth.

Through the use of a correlation coefficient, it’s projected that the price of Solana (SOL) might dip slightly to approximately $581.07. This is based on an estimation that Solana’s growth will be 0.79 times that of Ethereum. This implies a potential increase in Solana’s value by around 239.78%. The prediction assumes that the strong correlation between the two remains beneficial for both.

Can SOL price Reach $580 or $1,000?

Solana appears to have strong potential for reaching the projected levels, and perhaps even exceeding them. A look at its weekly chart suggests there are two optimistic possibilities for this digital asset’s price movement.

  1. 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. 
  2. 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.

Predictions for Solana’s price indicate that for bears to undermine the current optimistic outlook, they need to drive prices below $138 and then further down to $120. If Solana’s value manages to stay above these levels, it will continue to be one of the most promising crypto assets at present.

Read More

2024-10-25 13:12