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

Your entire crypto market may be witnessing a bearish sentiment, nevertheless, optimism around Solana seems to have generally increased as several crypto analyst expects an enormous rally for SOL within the upcoming months. Within the midst of heightened optimism toward Solana, market strategist and trader, Curbo delving into the recent price motion of Solana has underscored a vital requirement for the crypto asset to hit the pivotal $500 price level.

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

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

Curbo states that Solana’s ability to succeed in this critical price goal will depend on its ability to effectively exit its present consolidation phase. Based on the analyst, for about 170 days, Solana has been consolidating between the $120 and $210 levels, fluctuating between monthly support and resistance areas.

Within the event that SOL successfully breaks up this consolidation phase, Curbo looks forward to an enormous rise in the worth of the crypto asset. In consequence, he believes SOL could surge to about $400 and $500 following the breakout.

SOL poised for an enormous rally after a breakout from consolidation phase | Source: Curbo on X

The market expert’s prediction is available in light of growing speculation about SOL hitting $1,000 by the tip of the continuing bull cycle. As a consequence of this, Curbo claims that after hitting $500, SOL will eventually increase to roughly $800 and $1,000 within 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 goes to be massive. Expect a swift move as much as $400-$500, before advancement to $800-$1,000+.

Curbo’s evaluation aligns with crypto analyst, XForce Global’s recent primary macro prognosis for SOL. XForce Global has also forecast Solana to succeed in between $400 and $500 while pointing to the same position for SOL with that of Bitcoin.

Solana’s position could also be akin to Bitcoin, however the Fibonacci confluence and size are distinct. While the analyst claims the SOL continues to be in wave 4 at the present price, he noted that the aim of wave 5 might 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 significant rally on this bull cycle, as multiple analyst continues to discover positive developments on the asset’s chart.

One other market analyst, Crypto Kaleo has also cited the same trend in SOL’s chart with Ethereum. Based on Crypto Kaleo, the chart shows a striking resemblance to that of Ethereum back in 2020 before the altcoin surged to recent all-time highs.

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