20 November 2024
The Solana price could be gearing up to reach a new ATH of $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 shared a 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.”
According to CryptoRus, Solana has just broken out of its Cup and Handle pattern formation on its price chart. This unique chart pattern is considered a bullish signal and, in technical analysis, signals an extending upward trend.
The analyst’s chart illustrates Solana’s price action on 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 levels between $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 post that the Cup depth of the pattern suggests a bullish price target of $400 for Solana in this market cycle. A surge to $400 would represent a 70.21% increase from present market values.
Update On Price Movements
Recently, the Solana price has been on a significant upward trend, recording impressive gains amidst the bull market. This bullish price movement comes as Bitcoin sees massive gains that have pushed it to a new ATH above $93,000.
As one of the world’s leading altcoins, many analysts have projected bullish 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 volume of $6.8 billion is down by 12.32%, Solana still shows promise of a surge if market conditions remain favorable.