Solana Forms Ascending Triangle For Possible Breakout, Analyst Sets $565 Target

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Crypto analyst Trader Tardigradehas drawn the community’s attention to a bullish pattern that has formed for Solana. Based on this pattern, the analyst predicted that SOL could witness a parabolic rally to a new all-time high (ATH) and provided a target that the crypto could reach.  Solana Could Rally To $565 As Ascending Triangle Forms

In an X post, Trader Tardigrade predicted that Solana could rally to $565 following the formation of an ascending triangle. He noted that SOL has been forming ascending trianglesbefore each recent breakout. The analyst added that Solana reaches its target at  Fibonacci 2.618 after each breakout.  Related Reading Solana Price Will Complete 1,800% Surge To $4,000 With This Formation: Analyst 1 month ago

In line with this, Trader Tardigradepredicts that Solana can reach $565 once this ascending triangle completely forms. The analyst revealed that the current ascending triangle is more than halfway complete, indicating this parabolic rally could soon happen. His accompanying chart also showed that SOL could reach this price target as early as April.  Chart pattern set to trigger a surge for SOL to $565 | Source: Trader Tardigrade on X

Asset manager VanEckalso recently provided a bullish outlook for Solana, predicting it can reach $500 by year-end 2025. The asset manager’s analysts explained that this projection is supported by Solana’s developer dominance, increasing market share in decentralized exchange (DEX) volumes, revenues, and active users. 

Meanwhile, crypto analyst Ali Martinezsuggested that Solana couldn’t rally to as high as $500 but predicted it could reach at least $350. However, he warned that SOL needs to hold above the support level at $198. In a more recent X post, he also raised the possibility of Solana reaching $380. 

The analyst stated that Solana is testing a key support level at the lower boundary of the parallel channel he highlighted on the charts. According to him, holding above this support level could strengthen the uptrend, fueling a rally to $387.  SOL Needs To Reclaim The $220 Level

In an X post, crypto analyst Jellestated that the first mission for Solana is to reclaim $220. This came has he noted that SOL is holding the key support level so far. The analyst indicated that it would be ideal for SOL to bounce from its current level if its price action is to remain short-term bullish. In line with this, he remarked that the first mission is to reclaim $220.  Related Reading Solana Price At $4,000? Cup And Handle Pattern Shows Why This Is Possible 1 month ago

Crypto analyst CryptoElites asserted that Solana is preparing for a massive move. The analyst revealed that the 2021 downtrend has been broken, and SOL is holding above it. Based on this, he outlined $450, $678, and $1,099 as his targets for Solana in this market cycle. The analyst again reaffirmed that the technical outlook is fully positive with big moves ahead. 

At the time of writing, the Solana price is trading at around $202, down over 1% in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $204 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com