Crypto analyst Master Ananda predicts that Solana could reach $620 or even $1,020 in the coming months.
Despite a recent 24% correction, Solana is showing signs of recovery, with its RSI showing room for a bullish comeback.
Fibonacci extension levels are showing targets for Solana at $420, $620, and $1,021.
A confirmed higher low on Solana's chart could trigger a rally towards $620 by January 2026.
Solana could be heading toward a major price breakout, according to crypto analyst Master Ananda.
The analyst believes that SOL could be on its way towards the $620 price level in the coming months.
Moreso, this cryptocurrency could travel further upwards to $1,020 if the ongoing bullish indicators align with the rest of the market’s performance.
Here’s a breakdown of why this prediction could happen, and what Solana needs to put in place for this climb.
According to data from CoinMarketCap, Solana’s current price now sits at around $149.52.
The cryptocurrency recently recovered slightly from $141 last week and while still down by 1.5% over the last 24 hours, the token is still a top performer among the top 100 cryptos.
Solana’s ongoing price performance
This is considering how it touched $188 before seeing a 24% correction.
Despite the pullback, analysts are seeing signs of an incoming recovery.
As it stands, the major moving averages show that there is some degree of short-term resistance because the 50-day simple moving average sits at $161, and the 200-day SMA is at $164.19.
These facts also mean that a breakout above could be a signal of bullish momentum returning.
Investors might also want to note that the 14-day relative strength index (RSI), currently sits at 40.14.
This means that while Solana is facing mild bearish pressure, it hasn’t yet entered oversold territory.
Because of this, the bulls still have a window for a comeback.
Master Ananda pointed out three major price targets for Solana, based on the Fibonacci extension levels:
The first sits at around $420 at the 1.618 level , which is the minimum bullish target.
The second sits at $620 at the 2.618 level, which is the main target. The final target sits at $1,021 at the 4.618 level, which serves as the extended bullish scenario.
According to the analyst, the recent 24% retrace has created a higher low on Solana’s price chart.
Outlook on Solana
This indicates that the correction phase has either ended or is close to ending. If a higher low is confirmed, it would set the stage for another major move to the upside.
In this predicted price movement, Solana could be on its way towards $620 by January 2026.
This of course, would stand as a 316% increase from its current levels.
Should this milestone be hit, the cryptocurrency’s market cap would shoot straight up to about $325 billion.
For context, if Ethereum continues to move so slowly, Solana would have more than a good chance of flipping the defi king.
More than this, Ananda advised investors to be cautious.
He warned against shorting during a bull market and encouraged traders to wait for confirmed support zones before entering long positions.
The major takeaway is that Solana’s retrace from $188 to $141 may have already run its course.
If the chart confirms a new higher low, it could kickstart a rally toward $620 or even further.
More than the charts, Solana’s sentiment among investors has also been mostly positive.
One major driver of this sentiment is the ongoing barrage of ETF applications from major asset managers.
So far, there have been applications filed by 21Shares, Bitwise, VanEck, and Canary Capital.
Even though the SEC continues to delay its decisions on these ETFs, market analysts are now estimating an 80% chance of approval in 2025.
Because of this, a green light could inject billions of dollars into the Solana market and establish Solana as a mainstream digital asset.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.