Solana Forms Ascending Triangle; Analyst Predicts $565 Price Target
Crypto analyst Trader Tardigrade predicts a potential rally for Solana (SOL) to $565 due to the formation of an ascending triangle. Key points include:
- The ascending triangle is more than halfway complete.
- Previous breakouts have led SOL to reach Fibonacci 2.618 targets.
- A parabolic rally could occur as early as April.
Asset manager VanEck also projects Solana could hit $500 by the end of 2025, citing its developer activity and market share growth in decentralized exchanges. Conversely, analyst Ali Martinez suggests a more conservative target of at least $350, contingent on SOL maintaining above the support level of $198. He also notes that reclaiming the $220 level is crucial for short-term bullish momentum.
Another analyst, CryptoElites, sees a significant upward move ahead, suggesting targets of $450, $678, and $1,099 for this market cycle. Currently, Solana trades around $202, down over 1% in the last 24 hours.
