Solana (SOL) could be poised to climb as high as $620 in the coming months, according to a trading analyst who also sees the potential for the DeFi asset to rally all the way to $1,000.
This bullish outlook comes as SOL recovers from a dip on June 6, when it touched the weekly low of $141. As of press time, the token was trading at $149.52, down 1.5% over the past 24 hours.
Solana is facing short-term bearish pressure, with the price lingering below the 50-day simple moving average (SMA) of $161 and the 200-day SMA at $164.19. A decisive break above the 200-day SMA could confirm a trend reversal and ignite renewed bullish momentum.
The 14-day relative strength index (RSI) is 40.14, indicating mild bearish pressure without entering oversold territory.
SOL’s path to $620
From a technical standpoint, analyst Master Ananda shared a TradingView post on June 6 outlining a potential path for SOL to reach $620, with a minimum target of $420 and an extended high of $1,020.
After a roughly 24% correction from $188 to $141, Ananda believes the pullback phase may be over. In this case, the cryptocurrency is developing a higher low pattern, which suggests the start of a new upward trend.
Meanwhile, key Fibonacci extension levels support this projection: $420 at the 1.618 level, $620 at the 2.618 level, and $1,021 at the 4.618 level.
According to the forecast, the digital asset could hit the $620 mark by January 2026, a 316% increase from its current price. If this target is reached, Solana’s market cap could balloon to approximately $325 billion, potentially ranking it second behind Bitcoin (BTC), assuming minimal growth from Ethereum (ETH) during the same period.
Finally, the trading expert cautioned against shorting during a bullish trend, advising instead to wait for support levels before entering long positions.
Solana fundamentals
Meanwhile, Solana’s broader ecosystem continues to show notable momentum. Market attention is focused on the U.S. Securities and Exchange Commission’s (SEC) decision regarding spot SOL exchange-traded fund (ETF) applications.
The odds of approval in 2025 have surged to over 80% despite the SEC delaying its decision on proposals from 21Shares, Bitwise, VanEck, and Canary Capital.
On the flip side, some skepticism remains. Banking giant Standard Chartered questioned Solana’s long-term sustainability in late May, warning in a report that the network risks becoming a “one-trick pony” dominated by memecoin creation and trading. For starters, Solana’s recent momentum was driven mainly by meme coin activity on the network.
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