The entire cryptocurrency market could be witnessing a bearish sentiment, however, optimism around Solana seems to have generally increased as several cryptocurrency analysts expect a massive rally for SOL in the coming months. Amidst increased optimism towards Solana, market strategist and trader, Curbo, who looks at Solana’s recent price action underlines a crucial requirement for the crypto asset to reach the $500 pivot price level.
Solana’s Next Price Target Could Be $400-$500
Despite recent market fluctuations and volatility, Curbo is confident about Solanathe long-term potential of s since it anticipates a price target between 400 and 500 dollars.
Curbo says that Solana’s ability to reach this critical price target depends on its ability to effectively break out of its current consolidation phase. According to the analyst, for about 170 days, Solana has been consolidating between the $120 and $210 levels, fluctuating between monthly support and resistance zones.
In case GROUND After successfully breaking this consolidation phase, Curbo expects a massive surge in the crypto asset’s value. As a result, he believes that SOL could surge to around $400 and $500 after the breakout.
The market expert’s prediction comes in light of growing speculation that SOL could hit $1,000 by the end of the ongoing bull cycle. As such, Curbo claims that after hitting $500, SOL will eventually rise to around $800 and $1,000 in the foreseeable future.
The message read:
Solana has been consolidating between $120-$210 for 170 days, bouncing between monthly support/resistance. When this consolidation finally breaks, the move will be massive. Expect a quick move to $400-$500, before a push towards $800-$1000 and beyond.
Curbo’s analysis aligns with crypto analyst XForce Global’s recent primary macro analysis prognosis for SOL. XForce Global also forecasted Solana to reach between $400 and $500, while indicating a similar position for SOL with that of Bitcoin.
Solana’s position may be similar to Bitcoin’s, but the Fibonacci confluence and size are distinct. While the analyst claims that SOL is still in wave 4 at the current price, he noted that the target for wave 5 will be between $400 and $500.
Is SOL About to Mirror Ethereum’s Past Rally?
With the wave of bullish forecasts, it appears that SOL is poised for a major rally in this bull cycle as several analysts continue to identify positive developments on the asset’s chart.
Another market analyst, Crypto Kaleo, also quoted a similar trend in SOL’s chart with Ethereum. According to Crypto Kaleo, the chart shows a striking resemblance to that of Ethereum in 2020, before the altcoin reached new all-time highs.
Should Solana reflect this significant growth in the current context? bull cycleKaleo is confident that the crypto-asset could reach the much-anticipated price target of $1,000 by the end of the cycle.
Featured image from Adobe Stock, chart from Tradingview.com
