Analyst predicts this Ethereum rival is moving towards a price target of $ 1,000

Trader Michaël van de Poppe is pricing in an Ethereum (ETH) competitor after the altcoin had a notable success in 2021.

In one Strategy meeting Recently, the analyst said that the Layer 1 smart contract platform Solana is taking advantage of some of the limitations of the Ethereum platform, such as high transaction costs and scalability issues.

The strategist predicts that the crypto market as a whole will be in an uptrend in 2022 and if SOL can successfully break above the $ 193 area, the altcoin will surpass its all-time high to date.

“The two prices that I personally watch are $ 410 and $ 650 for the first few rallies.

But imagine we have a bull market in full swing with bitcoin jumping and total crypto market cap increasing.

SOL will also increase rapidly. As the price goes this run, there will be a correction and then another rise before the entire bull is over and possibly reaching $ 1,000 or $ 1,500. ”

Source: Michael van de Poppe

Van de Poppe concluded that while he believes SOL can reach $ 600, the broader markets must quintuple before SOL hits $ 1,000.

At the time of writing, SOL is down 8% over the day to $ 176. The 5th cryptocurrency by capitalization rose this year from $ 1.52 to a November high of $ 258.63 before correcting itself to current levels.

The Chartist claims that there is no reason SOL cannot triple compared to Bitcoin as the crypto market continues to expand.

With regard to the SOL / BTC trading pair, the analyst noted:

“When I look at the price projections, I think that if the market expands toward $ 10-15 trillion, then it is quite normal for SOL to rise five times faster, as this is just the average of the entire market.

Looking at the expanded Fib, SOL could be running towards 0.0071 BTC ($ 352.62) or even possibly 0.012 BTC ($ 595.97). ”

Source: Michael van de Poppe

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page