Solana on the Verge of Historic Breakout with $420 Price Target? Analysis

Amid sharp declines in the cryptocurrency market, Solana Solana Corp. (SOL) has been navigating turbulent waters, with its price fluctuating considerably in recent days. A recent analysis revealed a great potential for SOL to make a surge to an impressive $420.

What’s striking is how similar Solana’s price patterns are to others before major rallies. This pattern has led many to question whether the cryptocurrency is on the verge of a new crypto boom, with Solana leading the way.

Among the most optimistic experts, the market analyst known as Trader Tardigrade stands out, who predicts a promising future for Solana, with a target price of US$ 420. This ambitious projection is based on the technical analysis of the cryptocurrency's price patterns, which, according to the analyst, resemble others recorded in the past before large valuations.

In his technical analysis, the cryptocurrency expert analyzes support levels in order to determine their capacity against future pressures that could drive a new price rise.

“Solana still holding above the neckline of a double bottom after the breakout $SOL won’t miss Altseason,” wrote the analyst.

At the time of publication, Solana’s price is trading at $199,21, down 4.7% in the last 24 hours. If SOL hits this target price, the cryptocurrency will set a new all-time high, considering that the highest price paid for Solana (SOL) was $293,31, recorded on January 19, 2025 (15 days). In comparison, the current price is 32,03% lower than the all-time high.

Renowned cryptocurrency analyst Ali Martinez suggested a significant recovery for Solana amid recent declines. “Amidst this madness, the TD Sequential indicator is presenting a buy signal on the Solana daily chart!” he said.

It is worth noting that the cryptocurrency market faced a significant drop at the start of the week, with the price of Bitcoin (BTC) today falling almost 9% to $91.200. Other major cryptocurrencies, such as Ether (ETH), Cardano (ADA), Solana (SOL) and XRP, also recorded significant losses. According to market data, this drop occurred simultaneously with the start of trading in Asia and a decline in the SP 500 Index Futures, which opened the week with a decrease of almost 2%.