Solana Price Target $565 as Bullish Pattern Forms

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.

Tags: Solana, Technical Analysis, Cryptocurrency, Price Prediction, Market Analysis

Source: https://www.newsbtc.com/news/solana/solana-sets-565-target/