Despite the widespread pessimism in the cryptocurrency market, many analysts are projecting a huge rebound for Solana (SOL) in the next months, therefore there is reason to be optimistic about the project. With so much hope for Solana's future, market expert and trader Curbo has broken into the cryptocurrency's recent price activity and stressed how important it is for the commodity to break beyond the $500 barrier.
Potential Future Price Points for Solana: $400 to $500
Despite the ups and downs of the market recently, Curbo remains bullish about Solana's long-term prospects and has set a price objective of $400 to $500.
If you liked this, you may also like: Crypto Investors Forecast $300 For Solana At The End Of This Cycle.
Solana must successfully leave its current consolidation period, according to Curbo, if it is to attain this crucial price goal. The analyst claims that Solana has been ranging between $120 and $210 over the last 170 days, with monthly swings between these levels serving as support and resistance.
Curbo anticipates a tremendous increase in the value of the cryptocurrency asset if SOL is able to effectively disrupt this consolidation period. Consequently, he anticipates a price rise for SOL of $400–$500 after the breakthrough.
There has been mounting speculation that SOL might reach $1,000 before the current bull cycle ends, prompting the market expert to make this forecast. This is why, according to Curbo, SOL will reach $800 to $1,000 in the not-too-distant future after it hits $500.
For 170 days, Solana has been relatively stable between $120 and $210, with monthly support and resistance levels. An enormous shift will occur when this consolidation finally dissipates. Fast growth to $400–$500 is on the horizon, followed by $800–$1,000 and beyond.
The most recent main macro forecast for SOL from crypto expert XForce Global is in line with Curbo's findings. Along with Bitcoin, XForce Global predicts that Solana will reach $400–$500, putting SOL in a comparable position.
Only at Wild.io can you get a bonus of up to 12 BTC, 300 free spins as a welcome gift, and 1 BTC daily. Jump in Right Away!
The magnitude and Fibonacci confluence of Solana's position are different from Bitcoin's. At its present price, the analyst believes the SOL is still in wave 4, although he did mention that $400–$500 will be the target of wave 5.
Will the SOL Rally Replicate Ethereum's Previous One?
As more and more analysts see good changes on SOL's chart, the surge of optimistic forecasts suggests the asset is ready for a big rise in bull cycle.
Crypto Kaleo, another market expert, has pointed to a same pattern in SOL's chart with Ethereum. Crypto Kaleo claims that the chart looks somewhat like Ethereum's from 2020, just before the cryptocurrency hit fresh all-time highs.