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Solana (SOL) appears to be back on track, and it appears that something big is in the cards for it. In fact, the market may witness one of the biggest SOL rallies in history. Per Ali Martinez, there is no slowing down for Solana, as new highs are likely to be approaching soon.
Martinez, a renowned trader and analyst, tweeted that the SOL price is repeating its historic patterns. He explained that the current price chart of Solana is mirroring the one from July 2021. This was when Solana started a huge rally.
In the chart shared by Martinez, we can see that Solana was trading around $34 before this rally. In the days after, it went on to enter one of the biggest bull runs in history. During this bull run, it managed to hit the $195 mark.
The price increase at that time was roughly around 473.53%. Notably, this surge came between the period of July 2021-November 2021. In such a short time, the Solana price managed to break all the shackles and claim new all-time highs.
Will history repeat itself?
Looking at the chart shared by Ali Martinez, it appears that Solana is going to repeat history. The price charts from July 2021 and July of this year are showing the same patterns. The market sentiment also seems quite similar, as traders are bullish on SOL.
Seeing this, Martinez has openly predicted that Solana is on the verge of a big breakout, as it may hit the $1,000 price level. Solana is currently trading at $178.45, and it needs to increase by almost 461.80% to hit the $1,000 level.
Surprisingly, this percentage increase is quite similar to the one in 2021. Consequently, claiming the $1,000 level is not a difficult job for the SOL price. If it managed to do it in the past, it has the potential to do it again. This is Martinez's thesis, and it can come into play later this year.
Tomiwabold Olajide
Yuri Molchan