Solana’s Next Leg Up? One Analyst Thinks $420 Is Just the Beginning

Ananda warned that those still sidelining SOL may miss out, highlighting a bullish reversal structure with parabolic potential shaping the mid-term Solana price outlook.

Their analysis notes macroeconomic shifts as a potential catalyst for altcoins, with the US Federal Reserve expected to initiate interest rate cuts in the coming months.

For now, however, the broader altcoin market remains stagnant as US-EU tariff tensions rise and investors flock to safe-haven assets like Bitcoin and gold amid a weakening dollar.

Mastor Ananda highlighted a “textbook” rounded bottom pattern breakout—spurred by an 80% climb since the mid-April market bottom—has set Solana on the path to new all-time highs.

With a break above its baseline resistance at $160, the level has now flipped to support as a psychological stronghold for the market.

As long as the $160 level holds, Ananda believes the current trend is likely to extend to higher Fibonacci resistance levels, culminating in the 1.618 extension at around $420—a 120% gain.

Even if the Solana price dips below $160, Ananda suggests it would likely be a temporary shakeout or bear trap, emphasizing that $420 may not even mark the final target.

The rounded bottom breakout could ignite a move through a broader cup-and-handle pattern dating back to late 2021, currently trading within the descending channel forming the handle.

While momentum from the immediate breakout has cooled into consolidation between $160 and $190, Ananda maintains that Solana’s bullish trend remains intact.

Technical indicators support this view. The RSI holds steady above the neutral 50 mark at 53, signaling that buying pressure continues to outweigh selling on higher timeframes.

More so, the MACD line continues to build its lead on the signal line following a golden cross. This formation typically coincides with longer-term uptrends on the weekly chart.

The last of which corresponded to the post-election and inauguration rallies—an explosive period which took the Solana price to new highs.

If the rounded bottom pattern completes at $300, the next leg toward $420 could act as a mid-point to the full 160% breakout implied by the broader cup-and-handle formation.

New ICO Solaxy ($SOLX) could be the biggest beneficiary of a Solana price breakout as its first-ever Layer-2 scaling solution, filling a critical gap in the ecosystem.

Solana has long lacked this capability, limiting its DeFi and cross-chain use case—until now.

By processing transactions off-chain and finalizing them on Solana, Solaxy significantly reduces congestion and lowers transaction costs, while offering seamless interoperability across both blockchains.

With over $40 million in its ongoing presale, investors are already rallying behind the project. When demand for Solana increases, it could be the one to reap the fresh ecosystem liquidity.

There are just 20 days before this phase ends, unlocking the untapped demand of exchanges.

You can keep up with Solaxy on X and Telegram, or join the presale on the Solaxy website.

The post Solana’s Next Leg Up? One Analyst Thinks $420 Is Just the Beginning appeared first on Cryptonews.