The entire cryptocurrency market may be witnessing bearish sentiments, however, optimism for Solana appears to have increased overall as many crypto analysts are predicting a massive rally for SOL in the coming months. Amidst the growing optimism for Solana, market strategist and trader, Curbo, delves into Solana’s recent price action It has been confirmed. It is a prerequisite for crypto assets to reach the pivotal $500 price level.
Solana’s next target price could be $400 or $500.
Despite the recent market volatility and volatility, Corbo is confident that SolanaAnalysts see the company’s stock as having great long-term potential, with a price target expected to be between $400 and $500.
Corbo notes that Solana’s ability to reach this critical price target depends on its ability to effectively exit the current consolidation phase. According to the analyst, Solana has been consolidating between the $120 and $210 levels for about 170 days, fluctuating between monthly support and resistance zones.
In case that Sol After successfully breaking this consolidation phase, Curbo is looking forward to a massive surge in the value of the crypto asset. As a result, he believes that SOL could rise to around $400 and $500 after the breakout.
The market expert’s prediction comes in light of growing speculations about SOL hitting $1,000 by the end of the ongoing bull cycle. As a result, Curbo claims that after hitting $500, SOL will eventually rise to around $800 and $1,000 in the foreseeable future.
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Solana price has been stable between $120-210 for 170 days, fluctuating between support and resistance on a monthly basis. When this stability finally breaks, the move will be massive. Expect a quick move to $400-500, before advancing to $800-1000 or more.
Curbo’s analysis is in line with the latest fundamental analysis from cryptocurrency analyst, XForce Global. prediction XForce Global also predicted that Solana would reach between $400 and $500, while pointing to a similar situation for SOL with Bitcoin.
Solana’s position may be similar to Bitcoin’s, but the Fibonacci confluence and magnitude are different. While the analyst claims that SOL is still in wave 4 at the current price, he indicated that the target for wave 5 will be between $400 and $500.
Is SOL expected to reverse Ethereum’s past rally?
With the bullish outlook, SOL seems poised for a major upside in this bullish cycle, as many analysts continue to identify positive developments on the asset’s chart.
Another market analyst, Crypto Kaleo, also has Cited Similar trend in SOL chart with Ethereum. According to Crypto Kaleo, the chart shows a striking resemblance to the chart of Ethereum In 2020 before the altcoin rose to new record highs.
Should Solana reflect this huge growth in the current economy? Taurus cycleKaleo is confident that the crypto asset can achieve its expected price target of $1,000 by the end of the cycle.
Featured image by Adobe Stock, chart by Tradingview.com
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