The price of Solana (SOL) could reach up to $581 if Ethereum (ETH) breaks the $10,000 mark. Analysts predict that strengthening crypto markets could lead to even greater gains.
Strong Correlation Between Solana and Ethereum
According to a top expert, Solana is poised to reach new highs if Ethereum hits its ambitious target of $10,000. As Ethereum’s price approaches this milestone, Solana is expected to see substantial growth. The SOL/ETH pair continues to rise, fueling speculation about how high Solana could climb if ETH reaches $10,000.
On October 25, Solana saw a slight drop of 0.5% after a 12% weekly increase. Despite this small decline, SOL remains in an uptrend and could potentially reach levels around $190 to $200.
Possible Solana Price with Ethereum at $10,000
If Ethereum reaches the $10,000 threshold, Solana’s price could rise to $1,000, according to FHChronic analyst Shah. This would represent a 484% increase from its current level, a feasible outcome given the high volatility of cryptocurrency markets.
Blockchain Center data shows a 0.79 correlation between Solana and Ethereum, meaning that when Ethereum rises, Solana typically follows. Recently, Solana has outperformed Ethereum in both price growth and daily fees, attracting investor attention.
Using this correlation, a realistic Solana price projection could be around $581, reflecting a 239.78% increase. This projection assumes that the positive correlation between the two assets remains stable.
Can Solana Reach $580 or Even $1,000?
Solana has the potential to reach or even exceed the projected highs. According to a weekly chart analysis, there are two possible bullish scenarios:
Bull Flag: This pattern is nearing completion and projects a 109% increase from the current level, potentially bringing SOL to around $365. To achieve this, Solana must break the $190 resistance level.
Fibonacci Retracement: This tool suggests that SOL must surpass $211 to reach new all-time highs. The bull flag pattern indicates a target around $365, above the 0.618 Fib level at $330. The next significant resistance level is at $1,025.
Conditions to Maintain the Bullish Trend
Bears would need to push SOL’s price below $138 and $120 to invalidate the current bullish trend. Otherwise, Solana stands as one of the most promising assets in the crypto market.
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