Solana may rise to $ 420 after a sharp drop

The price of Solana SOL $167.24 Solana -3.56% Market capitalization $81.74 billion VOL. 24 hours $0.25 billion shows high volatility, which has attracted the attention of cryptocurrency investors and industry analysts. Some experts suggest that the cryptocurrency could rise to $ 420 if it breaks through a key resistance level. Trader Tardigrade analyst notes that the current price fluctuations repeat the historical patterns that preceded the significant growth.

Recently, the market has seen the activity of «whales». For example, on January 31, 2025, 694,746 SOL worth approximately $ 165 million were transferred between two anonymous wallets. Such large transactions can have a significant impact on the market, so analysts are closely monitoring their consequences.

At the time of publication, Solana’s price is trading at $ 197, with the asset showing a 6.73% drop over the past day. The RSI indicator is at 42, which indicates a neutral market condition, while the MACD shows a weak bullish signal.

If the price of Solana manages to break through the $ 230 mark, it could signal further growth to $ 420. Otherwise, the cryptocurrency may experience a further decline. Traders are closely monitoring developments as the market is at a critical point.