Is Solana the Next Ethereum? One Analyst Thinks So

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Solana (SOL) is currently navigating a bearish market phase. Despite short-term spot price fluctuations, the broader trend remains downward. For bullish momentum to take hold, buyers need to push the price above key resistance levels—first $155, then $190. However, one market analyst is making waves with a bold contrarian prediction: Solana could be on the verge of a historic bull run, potentially mirroring Ethereum’s 2018–2021 trajectory and reaching new all-time highs in the next market cycle.

👉 Discover how Solana's current market behavior could signal a major breakout.

Parallels Between Solana and Ethereum’s Past

The analyst, sharing insights on X (formerly Twitter), draws a compelling comparison between Solana’s current price action and Ethereum’s path following its 2018 peak. Ethereum surged to nearly $1,400 in early 2018 before crashing to below $100 during the prolonged bear market. Yet, from that low point, ETH rallied over 20x within 660 days—a transformation that laid the foundation for its institutional adoption and ecosystem dominance.

Solana followed a similar arc. It peaked at around $240 in 2021, only to plunge to as low as $8 in November 2022 amid the collapse of FTX, which had been a major backer of the network. The depth of this correction—over 95% from its high—is nearly identical to Ethereum’s post-2018 drawdown. According to the analyst, such structural similarities suggest that Solana may now be positioned for a comparable rebound.

If history rhymes, Solana could experience exponential growth in the coming bull cycle. The analyst projects a minimum target of $2,800 per SOL, a figure that may seem ambitious today but aligns with the kind of multi-year recovery seen in other leading blockchain assets after deep corrections.

Why Solana’s Fundamentals Are Strengthening

Several fundamental drivers support this optimistic outlook:

1. Rapid Developer Adoption

Developers are increasingly choosing Solana for its high throughput and low transaction costs. Unlike older blockchains that struggle with congestion and high fees during peak usage, Solana offers fast settlement times and near-zero costs—critical advantages for decentralized applications (dApps), NFT platforms, and DeFi protocols.

This technical edge has attracted a surge in developer activity. GitHub commits, new project launches, and ecosystem funding have all shown strong growth over the past year.

2. Meme Coin Momentum

Solana has emerged as the go-to platform for meme coins—a cultural and financial phenomenon in crypto. Tokens like BONK and BOME, each achieving billion-dollar valuations, were built on Solana’s network. These projects bring massive user engagement, viral marketing, and speculative capital into the ecosystem.

While meme coins are often dismissed as frivolous, their impact is real: they onboard new users, increase on-chain activity, and drive liquidity. There's growing speculation that Solana could become the default home for future top-tier meme tokens—a status that would significantly boost its relevance and utility.

3. Institutional Interest via ETF Prospects

A major catalyst on the horizon is the potential approval of a spot Solana ETF. Investment firms VanEck and 21Shares have already filed applications with the U.S. Securities and Exchange Commission (SEC). Though still in early regulatory review stages, these filings echo the process that preceded the landmark approval of spot Ethereum ETFs in 2024.

If approved, a Solana ETF would open the floodgates for institutional investment. Pension funds, hedge funds, and retail investors alike could gain regulated exposure to SOL without needing to navigate crypto exchanges directly.

This institutional influx could dramatically increase demand while reducing circulating supply—classic conditions for sustained price appreciation.

👉 See how institutional adoption could accelerate Solana’s next price surge.

Core Keywords Driving Visibility

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These keywords reflect what active investors and researchers are searching for—offering both educational value and strategic insight.

Frequently Asked Questions (FAQ)

Q: What is driving the comparison between Solana and Ethereum?
A: The comparison stems from similar price patterns after major market crashes. Both experienced over 95% drawdowns followed by strong ecosystem rebuilding. Ethereum recovered 20x in under two years; analysts believe Solana could follow suit due to improved infrastructure and growing adoption.

Q: How likely is a spot Solana ETF to be approved?
A: While no outcome is guaranteed, the approval of spot Ethereum ETFs in 2024 sets a favorable precedent. Regulatory scrutiny remains intense, but growing clarity around digital asset classification improves Solana’s chances—especially if trading volume and transparency continue to rise.

Q: Can meme coins really influence Solana’s long-term value?
A: Yes—indirectly. While individual meme coins are highly volatile, their collective effect boosts network usage, transaction volume, and public awareness. Platforms like Dogecoin (on its own chain) and Shiba Inu (on Ethereum) demonstrated how meme-driven ecosystems can contribute to broader chain adoption.

Q: What are the key price levels to watch for Solana?
A: Bulls need to break and hold $155 first, then target $190. A sustained move above $200 would confirm renewed strength. On the upside, milestones include $500 (intermediate target), $1,000 (new all-time high territory), and $2,800 (bull-case scenario).

Q: Is now a good time to invest in Solana?
A: As with any crypto investment, timing involves risk. However, many analysts view current prices as reflective of maximum pessimism—a potential sweet spot for long-term positioning ahead of macroeconomic shifts and possible ETF developments.

Final Thoughts: Could Solana Outperform?

While no asset is without risk, Solana presents a unique combination of technological strength, community momentum, and institutional tailwinds. Its ability to attract developers, power high-growth sectors like meme coins, and potentially benefit from ETF approval makes it one of the most watched assets in the 2025 crypto landscape.

The path from $8 to $2,800 isn’t guaranteed—but neither was Ethereum’s rise from $100 to $4,800. In blockchain markets, past performance doesn’t predict future results, but patterns do emerge. And right now, Solana is showing many of the early signs that preceded previous generational rallies.

Whether it becomes “the next Ethereum” depends not just on price, but on sustained innovation, security, and real-world use. But if the current trajectory holds, Solana might not just follow in Ethereum’s footsteps—it could forge a new path of its own.

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