The entire crypto market may be witnessing bearish sentiment, but the optimism surrounding Solana seems to have increased overall, as several crypto analysts are expecting a massive rally for SOL in the coming months. Amid the increased optimism towards Solana, market strategist and trader Curbo has delved into Solana’s recent price action underlined a crucial requirement for the crypto asset to reach the crucial $500 price level.

Solana’s next price target could be $400 and $500

Despite recent market fluctuations and volatility, Curbo is confident Sunny‘s long-term potential, as he expects a price target between $400 and $500.

Curbo argues that Solana’s ability to reach this critical price target is dependent on its ability to effectively exit its 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 areas.

In case that SOL successfully breaks out of this consolidation phase, Curbo is looking forward to a huge 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 amid growing speculation that SOL will hit $1,000 by the end of the ongoing bull cycle. With this, Curbo claims that after hitting $500, SOL will eventually rise to around $800 and $1,000 in the near future.

The message read:

Solana has been consolidating between $120-$210 for 170 days, bouncing between monthly support/resistance. When this consolidation is finally broken, the move will be massive. Expect a quick move higher to $400-$500, before continuing to $800-$1,000+.

Curbo’s analysis is in line with recent primary macroeconomic analysis from crypto analyst XForce Global forecast for SOL. XForce Global has also predicted Solana to reach between $400 and $500, while pointing to a similar position for SOL to that of Bitcoin.

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

Will SOL Match Ethereum’s Previous Rally?

With the wave of positive predictions, it seems that SOL is poised for a major rally in this bull cycle as multiple analysts continue to spot positive developments in the asset’s chart.

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

Would Solana see this significant growth in the ongoing bull cycleKaleo is confident that the crypto asset can reach the long-awaited price target of $1,000 by the end of the cycle.

Main image from Adobe Stock, chart from Tradingview.com