Anika Begay
The entire cryptocurrency market may be witnessing bearish sentiment, however, the optimism around Solana seems to have generally increased as several cryptocurrency analysts are predicting a massive rally for SOL in the coming months. Amidst the heightened optimism towards Solana, market strategist and trader, Curbo, who delved into the recent price action of Solana has underlined a key requirement for the cryptocurrency to reach the key price level of $500.
Solana’s next price target could be $400 and $500
Despite the recent market fluctuations and volatility, Curbo is confident Solanaits long-term potential, as it carries a price target between $400 and $500.
Curbo says Solana’s ability to reach this critical price target depends on its ability to effectively exit its current consolidation phase. According to the analyst, for about 170 days, Solana has been consolidating between the $120 and $210 levels, oscillating between monthly support and resistance areas.
In case that SOL successfully breaks out of this consolidation phase, Curbo expects a massive increase in the value of the cryptocurrency. As a result, he believes that SOL could rise to around $400 and $500 after the breakout.
The market expert’s prediction comes amid growing speculation that SOL could hit $1,000 by the end of the current bull cycle. For this reason, Curbo argues that after hitting $500, SOL will eventually rise to around $800 and $1,000 in the near future.
The post 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 huge. Expect a quick move to $400-$500, before advancing to $800-$1,000+.
Curbo’s analysis is in line with recent primary macroeconomics from cryptocurrency analyst XForce Global prognosis for SOL. XForce Global also forecast that Solana will reach between $400 and $500, 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 different. While the analyst says that SOL is still in wave 4 at the current price, he noted that the wave 5 target will be between $400 and $500.
Is SOL set to replicate Ethereum’s past rally?
With the wave of bullish predictions, it seems that SOL is poised for a major rally in this bull cycle, as several analysts continue to identify positive developments in the asset’s chart.
Another market analyst, Crypto Kaleo has also quoted a similar trend in the chart of SOL with Ethereum. According to Crypto Kaleo, the chart shows a striking similarity to that of Ethereal in 2020, before the altcoin hit new all-time highs.
Solana should mirror this significant ongoing growth bull cycleKaleo is confident that the cryptocurrency could reach the highly anticipated price target of $1,000 by the end of the cycle.
Featured image from Adobe Stock, chart from Tradingview.com
