Fun

Solana Price Is Breaking Out Of This Bullish Pattern — SOL To $4,700?

News Feed - 2025-01-20 12:01:52

Este artículo también está disponible en español.


The Solana price has been in red-hot form over the past week, making a play for a new all-time high this weekend. United States President-elect Donald Trump successfully launched the Official Trump (TRUMP) meme coin on the Solana network, triggering the latest bullish momentum for the SOL token.


This recent burst of positivity has now pushed Solana into an exciting price setup, which could see its value skyrocket over the next few months. According to a popular crypto analyst on social media platform X, the Solano price could be on its way to $4,700. Is SOL Price Gearing For A Parabolic Move?


Prominent crypto pundit Ali Martinez took to the X platform to share an interesting update on the Solana price setup. According to the crypto trader, the price of SOL has just broken out of a bullish pattern, setting the stage for a parabolic move. Related Reading Bitcoin Price Forecast Of $150,000 ‘Too Low’ Amid Rising Adoption, Crypto Trader Says 1 day ago


This bullish pattern is a cup and handle formation on the Solana monthly chart. As the name suggests, a cup and handle pattern is a technical analysis formation that looks like a cup with a handle. The cup typically is formed like the letter “u” while the handle is tilted a little downward.


The cup and handle pattern serves as a bullish indicator, suggesting that an upward trend is going to continue. To validate the bullish setup, though, the cryptocurrency’s price needs to close above the upper boundary of the handle. Source: Ali_charts/X As seen in the highlighted chart, the Solana price appears to have successfully breached the handle’s upper trendline around the $220 mark. A price target is calculated by measuring the length from the right cup lip (breakout point) to the cup’s bottom and adding it to the breakout level.


According to Martinez, SOL could travel as high as $4,700 if the altcoin’s price holds above the upper trendline. This potential move would represent a whopping 2,000% rally for Solana from its current price point. Solana Price At A Glance


As of this writing, the price of SOL stands at around $262, reflecting a nearly 20% rally in the past 24 hours. Unsurprisingly, this price upswing has also impacted the coin’s action on broader timeframes, making it one of the best-performing large-cap assets in the past week. Related Reading Crypto Analyst Sets $7,000 Target For Ethereum Price — Here’s How 1 day ago


According to data from CoinGecko, the value of the Solana token has climbed by almost 40% in the last seven days. With a market cap of roughly $128 billion, SOL ranks as the fifth-largest cryptocurrency in the digital asset sector. The price of SOL on the daily timeframe | Source: SOLUSDT chart on TradingView Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView

News Feed

Tron (TRX) Leads The Crypto Market With 100% Rally To New ATH, $0.5 Next?
Este artículo también está disponible en español. Tron (TRX) joined the crypto market’s rally by jumping over 100% in 24 hours to a new all-time high (ATH). Its surge i
Coinbase earnings suggest strong year ahead, though challenges abound
Sandeep Rao10 hours agoCoinbase earnings suggest strong year ahead, though challenges aboundCoinbase"s quarterly earnings report released last week indicated the company is well-positioned to tap into a number of growing
Biggest Movers: APE Extends Rally, HNT Recovers Following Recent Losses
Biggest Movers: APE Extends Rally, HNT Recovers Following Recent Losses Apecoin rose for a fourth consecutive session on Wednesday, as prices of the token climbed by as much as 5%.
Prashant Jha4 hours agoAudits and rug-pulled projects, a $650B token burn, and major DeFi protocol quits UK: Finance RedefinedUniswap’s founder burned $650 billion of HayCoin, amounting to 99% of the token’s supply.1
INX Becomes the First SEC-Registered IPO to Accept Crypto
INX Becomes the First SEC-Registered IPO to Accept Crypto15th September 2020, New York, United States:INX will start acceptingbitcoin (BTC), ether (ETH), and USDC stablecoin, starti
Inter-Blockchain Liquidity: Minting Synthetic Bitcoin Cash With the Ren Protocol
Inter-Blockchain Liquidity: Minting Synthetic Bitcoin Cash With the Ren ProtocolThe decentralized finance (defi) ecosystem has matured quite a bit in 2020 and one project that&rsquo
Messari Founder Ryan Selkis Announces Senate Run for 2024 — ‘Enough Talk’
Messari Founder Ryan Selkis Announces Senate Run for 2024 — "Enough Talk" Ryan Selkis, the founder of Messari, a cryptocurrency research company, has announced he will be running
Steemit for Sale: Popular Crypto Blogging Platform Sold to Tron, Community Reacts
Steemit for Sale: Popular Crypto Blogging Platform Sold to Tron, Community Reacts Crypto blogging platform Steemit is undergoing a big change, migrating from its own Steem blockc
OKEx Blockdream Ventures Partners With WAX
OKEx Blockdream Ventures Partners With WAX sponsored OKEx Blockdream Ventures Bets on the WAX Ecosystem with WAXP Token Purchase (Miami, FL) D
Bitcoin Could Crash To $70,000, Warn Leading Financial Analysts
Este artículo también está disponible en español. The recent rejection at the $100,000 has prompted a wave of warnings from leading financial analysts, who caution that B
Solar-Powered Crypto Farm in Australia to Prove Bitcoin Mining Can Be Green
Solar-Powered Crypto Farm in Australia to Prove Bitcoin Mining Can Be Green A crypto mining data center in the state of South Australia will be running mainly on solar-generated el
Shiba Inu Hits Monthly Peak — Is Another Record-Breaking Rally Coming?
Este artículo también está disponible en español. Recently, Shiba Inu (SHIB) has exhibited promising momentum, thereby attracting the attention of both investors and trad