🔥 SOL Following Ethereum's 2017 Fractal: $900 Target?
In this analysis I want to take a look at another fractal I found. I noticed that SOL's current market structure is very closely related to ETH's structure from the last cycle.
For illustrative purposes I added 1-5 to the chart, where I identified highly correlating moves.
At this point in time, SOL has entered a full bear market and is in an accumulation phase, most likely in preparation for the next bull market. ETH's top in the previous cycle was around $1400, this cycle around $4900, a 3.5x
If we apply the same logic to SOL, we can guesstimate that the next bull cycle will bring SOL all the way to $900 or more (260x3.5). I'm aware it's dangerous to make predictions on where a certain asset can top in a few years, but now is the time to start preparing for the next cycle in a few years.
Consequently, I think that the coming year will be a great time to start buying into SOL if you are long-term bullish on this token. We're going to be in an accumulation phase for a while.
Please keep in mind that fractals do not offer any direct predictive power, nor are they suited for trading on. However, they can potentially offer some guidance for long-term market moves.
The market never repeats itself, but it often rhymes.
For illustrative purposes I added 1-5 to the chart, where I identified highly correlating moves.
At this point in time, SOL has entered a full bear market and is in an accumulation phase, most likely in preparation for the next bull market. ETH's top in the previous cycle was around $1400, this cycle around $4900, a 3.5x
If we apply the same logic to SOL, we can guesstimate that the next bull cycle will bring SOL all the way to $900 or more (260x3.5). I'm aware it's dangerous to make predictions on where a certain asset can top in a few years, but now is the time to start preparing for the next cycle in a few years.
Consequently, I think that the coming year will be a great time to start buying into SOL if you are long-term bullish on this token. We're going to be in an accumulation phase for a while.
Please keep in mind that fractals do not offer any direct predictive power, nor are they suited for trading on. However, they can potentially offer some guidance for long-term market moves.
The market never repeats itself, but it often rhymes.
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