Solana (SOL) shows strong bullish momentum as multiple analysts identify an ascending triangle pattern. This technical formation could propel SOL to new heights, with price targets ranging from $350 to $565.
Technical Analysis Points to Major Breakout
Crypto analyst Trader Tardigrade has spotted a bullish ascending triangle pattern on SOL’s chart. Historical data shows SOL tends to reach Fibonacci 2.618 extensions after similar patterns. The current formation is over 50% complete. This suggests a potential rally to $565 by April 2025.
Institutional Backing Strengthens Bullish Case
VanEck’s recent analysis supports the bullish outlook. The asset manager expects SOL to hit $500 by end-2025. They cite three key factors:
- Growing developer activity on Solana
- Increasing DEX market share
- Rising user adoption and revenue
Critical Support Levels to Watch
SOL must maintain support above $198 to preserve bullish momentum. The immediate challenge lies in reclaiming the $220 level. A successful break above this resistance could trigger the next leg up.
Multiple Price Targets
Several analysts have shared their SOL predictions:
- Trader Tardigrade: $565
- VanEck: $500
- Ali Martinez: $350-380
- CryptoElites: $450, $678, and $1,099
The 2021 downtrend line break adds weight to these bullish projections. SOL currently trades at $202, showing short-term consolidation before potential upward movement.
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Tags: Solana, Technical Analysis, Cryptocurrency, Price Prediction, Market Analysis
Source: https://www.newsbtc.com/news/solana/solana-sets-565-target/