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If Chris Burniske, a crypto analyst, is right, Solana might be headed for a collision with a meme-fueled milestone. According to Burniske, SOL could rise to $420, which would be in line with its previous cycle high in the SOL/BTC pair if Bitcoin hits a cycle high of $142,069, an odd number with memetic connotations.
Popular online jokes about various historical events that are not actually happening involve the numbers 69, 42 and 420. However, how likely is it that this meme prophecy will come true? In terms of price action, Solana has been gradually rising since its local bottom in late April. The 200 EMA, or $151 level, is the resistance it has been testing, and it has been difficult to move above it.
The declining volume trend is a warning sign. Even with a solid structure, SOL needs actual demand to succeed. Macro tailwinds could push SOL into the upper $300s, possibly even approaching $420 if Bitcoin is able to rise to six figures, which would be more than a 50% increase from its current level.
The SOL/BTC ratio must return to its previous highs, Bitcoin must regain parabolic momentum and Solana itself must avoid structural setbacks like outages or regulatory crackdowns. All of this depends on a number of factors coming into alignment. Though ambitious, these are not impossible. The short-term outlook is still unclear from a technical perspective.
The trend is still in place, but SOL needs to make a strong move to break through the $151 and $161 resistance levels in order to start gaining ground on targets like $200, let alone $420. The RSI for SOL is not overextended. In summary, Burniske's simulation thesis combines cyclical analysis and meme culture, and although the numbers appear jumbled, the math does add up — in the right circumstances. The goal is not fantasy if the market enters a genuine euphoric phase. At best it is speculative until then.
Vladislav Sopov