Solana (SOL), a rising star in the crypto space and a formidable competitor to Ethereum (ETH), is predicted to see an impressive rally in the coming years. The forecast comes from a notable pseudonymous crypto analyst, Inmortal, who has a significant following in the crypto community.
A Tenfold Jump
As of the current market, SOL stands at a trading value of $23.34. However, Inmortal has set his sights high for the cryptocurrency, making a bold prediction to his 194,800 Twitter followers. He forecasts that SOL's price will likely touch the $250 mark at some point in 2025. Should this prediction come true, it would mean a surge of over 971% from its present value.
Inmortal has further insights for the short term, suggesting a potential dip for SOL before it takes off again. He tweeted, “$20 before $40 SOL,” hinting at a brief price contraction before the anticipated rally.
Bitcoin’s Potential Path
Inmortal's analysis isn’t restricted to just Solana. He also has some insights about the pioneer cryptocurrency, Bitcoin (BTC). According to him, if Bitcoin were to mirror its previous market cycle, it's probable that BTC could reapproach its all-time high (ATH) of around $69,000 during the latter half of 2024.
Elaborating on the potential timeline, Inmortal remarked, “If this cycle is similar to the previous one: The mid-cycle rally would be over by now. There would be 467 days left to get back to previous ATH levels.”
The analyst also observes a potential short-term rally for Bitcoin, triggered by a short squeeze. This financial phenomenon occurs when traders, hoping to profit from a decline in an asset's price, are forced to buy back the assets they borrowed due to a sudden price increase. This can result in rapid and significant price surges.
Commenting on this, Inmortal stated, “Shorts are getting greedy. Let’s squeeze them just to have fun. Eyes on $30,400.”
Predicting the trajectory of cryptocurrencies is no easy task, given the volatile nature of the market. While Inmortal's predictions provide an exciting perspective for both Solana and Bitcoin enthusiasts, only time will tell if these forecasts come to fruition. As always, investors are advised to do their own research and exercise caution when navigating the crypto space.