A Solana price breakout is anticipated in the current volatile market, with analysts predicting its price could hit the $500 mark shortly.
Although the price of Bitcoin keeps trembling below 60K, and the bearish trend in the crypto market is forcing the cryptocurrencies to remain in the lower support zone, analysts see a major breakout in the upcoming months.
Solana Price Breakout: Key factors for reaching the $500 milestone
The crypto trader and market strategist Curbo identified some crucial factors that will help SOL reach the $500 milestone.
The analyst predicted the next price stop for Solana will be around $400 to $500 in the upcoming months, ignoring the volatility in the crypto market.
He believes that the asset has the potential to break the consolidation phase and hit the target. For around 170 days, the asset has fluctuated between key support and resistance levels. Currently, Solana is trading for $144 as per CoinMarketCap data.
Curbo still agrees with the prediction of XForce Global, a crypto analyst, who predicted the SOL price between $400 and $500. He analyzes the chart of Sol and the past chart of Bitcoin and sees many similarities in size, distinctness, and pattern.
Solana is currently in its fourth price cycle, the fifth cycle will come out with a Bull and give a boost to its price.
Besides XForce Global, many other analysts pointed out a positive rally in Solana’s price, suggesting a breakout in its price to reach the next phase of its bullish momentum. While somehow unstable in price, Solana stands out among many cryptocurrencies in terms of its growth rate.
The potential to increase, which is in an unfavorable channel at the moment, is in Solana’s ability to overcome the range that acts as support and resistance at the moment. Thus, if Solana manages to increase its capitalization, it will experience a high rate of growth, reaching new price levels and going beyond their limits as the market develops.
