Key Requirement For Solana’s Path To A $500 Milestone Amid Market Volatility

Mila August 16, 2024

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The entire crypto market might be witnessing a bearish sentiment, however, optimism around Solana seems to have generally increased as several crypto analyst expects a massive rally for SOL in the upcoming months. In the midst of heightened optimism toward Solana, market strategist and trader, Curbo delving into the recent price action of Solana has underscored a crucial requirement for the crypto asset to hit the pivotal $500 price level.

Solana’s Next Price Target Could Be $400 And $500

Despite recent market fluctuation and volatility, Curbo is confident about Solana‘s potential in the long term as he anticipates a price target between $400 and $500.

Curbo states that Solana’s ability to reach this critical price target depends on its ability to effectively exit its present 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 areas.

In the event that SOL successfully breaks up this consolidation phase, Curbo looks forward to a massive rise in the value of the crypto asset. As a result, he believes SOL could surge to about $400 and $500 following the breakout.

The market expert’s prediction comes in light of growing speculation about SOL hitting $1,000 by the end of the ongoing bull cycle. Due to this, Curbo claims that after hitting $500, SOL will eventually increase to approximately $800 and $1,000 in the foreseeable future.

The post read:

Solana has consolidated between $120-$210 for 170 days, bouncing between monthly support/resistance. When this consolidation eventually breaks up, the move is going to be massive. Expect a swift move up to $400-$500, before advancement to $800-$1,000+.

Curbo’s analysis aligns with crypto analyst, XForce Global’s recent primary macro prognosis for SOL. XForce Global has also forecast Solana to reach between $400 and $500 while pointing to a similar position for SOL with that of Bitcoin.

Solana’s position may be akin to Bitcoin, but the Fibonacci confluence and size are distinct. While the analyst claims the SOL is still in wave 4 at the current price, he noted that the aim of wave 5 will be between $400 and $500.

SOL Set To Mirror Ethereum’s Past Rally?

With the wave of bullish predictions, it appears SOL is primed for a major rally in this bull cycle, as multiple analyst continues to identify positive developments on the asset’s chart.

Another market analyst, Crypto Kaleo has also cited a similar trend in SOL’s chart with Ethereum. According to Crypto Kaleo, the chart shows a striking resemblance to that of Ethereum back in 2020 before the altcoin surged to new all-time highs.

Should Solana mirror this significant growth in the ongoing bull cycle, Kaleo is confident that the crypto asset could achieve the much-anticipated $1,000 price target by the end of the cycle.