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The Solana price could be gearing up to reach a new ATHof $4,000, according to an analyst who highlighted its recent breakout from a massive Cup and Handle pattern. This bullish signal comes on the heels of recent gains in the Solana (SOL) price, which have pushed it significantly above the $200 mark, indicating strong upward movement. Solana Price Targets $4,000 Breakout
A Crypto analyst identified as ‘CryptoRus’ has shareda longstanding prediction that suggests Solana could reach $4,000 by the end of the current market cycle. The analyst has based this bullish outlook on a technical pattern called the “Cup and Handle.” Related Reading Analyst Predicts Possible 40% Crash For XRP Price With Gravestone DOJI Candle Formation 21 hours ago
According to CryptoRus, Solana has just broken out of its Cup and Handle patternformation on its price chart. This unique chart pattern is considered a bullish signal and, in technical analysis, signals an extending upward trend. Source: X
The analyst’s chart illustrates Solana’s price actionon the weekly time frame, using the aforementioned technical pattern as the basis of analysis. From 2022 to mid-2024, Solana experienced a period of consolidation and recovery, as seen in the cup part of the technical pattern. The “handle” in the chart pattern also shows slight consolidation; however, the analyst has pinpointed a breakout signal at the end.
This breakout is set to occur once Solana can surpass resistance levelsbetween $195 and $255. After the anticipated breakout, the analyst suggests a solid upward trend, with projections implying a greater upside above $4,450 to a staggering $5,000. A surge to this impressive target would require Solana to experience a 2,027% rally from its current price.
Earlier this week, when Solana was on the verge of breaking out of its Cup and Handle technical pattern, the analyst revealed in a previous X postthat the Cup depth of the pattern suggests a bullish price targetof $400 for Solana in this market cycle. A surge to $400 would represent a 70.21% increase from present market values. Source: X Update On Price Movements
Recently, the Solana pricehas been on a significant upward trend, recording impressive gains amidst the bull market. This bullish price movement comes as Bitcoin sees massive gainsthat have pushed it to a new ATH above $93,000. Related Reading Bitcoin Price Forms Bullish Symmetrical Triangle, Crypto Analyst Says Next Stop Is $100,000 15 hours ago
As one of the world’s leading altcoins, many analysts have projectedbullish targets for the Solana price, expecting it to hit new all-time highs as the bull market heats up. As of writing, the Solana price is trading at $237, recording a 14.88% increase in the last seven days and an even larger price gain of 41.7% over the past month, according to CoinMarketCap.
While the cryptocurrency’s daily trading volumeof $6.8 billion is down by 12.32%, Solana still shows promise of a surge if market conditions remain favorable. SOL price above $200 | Source: SOLUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com