$4,000 Solana Price Possible As SOL Breaks Out Of Massive Cup And Handle Pattern

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As a seasoned analyst with over two decades of experience in both traditional and digital markets, I have seen my fair share of bull and bear cycles. However, the recent technical analysis of Solana (SOL) by ‘CryptoRus’ has caught my attention due to its potential for exponential growth.

According to some analysis, the value of Solana (SOL) might be preparing to hit an all-time high of around $4,000. This prediction is based on a bullish signal generated by its recent breakout from a large Cup and Handle pattern. This optimistic outlook follows the recent surge in SOL’s price, which has propelled it well over the $200 barrier, suggesting robust upward momentum.

Solana Price Targets $4,000 Breakout

A well-known Crypto analyst named ‘CryptoRus’ has expressed a prolonged forecast implying that Solana might escalate to $4,000 as we approach the conclusion of the present market trend. This optimistic view is grounded on a technical model known as the “Cup and Handle.

As a researcher, I’ve observed that Solana has recently broken free from the Cup and Handle pattern visible on its price chart, as per CryptoRus. This distinctive chart configuration is often interpreted as a bullish indicator, suggesting an extended period of upward price movement in technical analysis.

The analyst’s graph showcases Solana’s price fluctuations over the weekly time period, utilizing the previously mentioned technical design as a guide for analysis. From 2022 up until mid-2024, Solana underwent a phase of consolidation and recovery, which can be observed in the ‘cup’ part of the technical pattern. The chart pattern’s ‘handle’ section indicates slight consolidation; however, the analyst has identified a breakout signal at its conclusion.

The expected breakthrough for Solana will happen when it manages to overpower resistance levels ranging between $195 and $255. Following this predicted breakthrough, the analyst anticipates a robust increase in value, with potential reaching as high as $5,000 – an increase of approximately 2,027% from its current price, if realized.

Just a few days ago, as Solana was about to burst out of its Cup and Handle chart formation, an analyst had predicted earlier on X that the depth of this pattern indicates a potential bullish price aim of $400 for Solana in this particular market phase. A rise to $400 would equate to approximately a 70.21% growth from current market prices.

Update On Price Movements 

Lately, the cost of Solana has experienced a notable surge, yielding substantial profits during the ongoing bull run. This upward momentum in its price is mirroring the impressive growth seen by Bitcoin, which has hit a record high surpassing $93,000.

Analysts worldwide predict optimistic price points for Solana, a well-known altcoin, anticipating it to reach unprecedented peaks as the bull market gains momentum. Currently, Solana’s trading price stands at approximately $237, marking a 14.88% surge in value over the past week and an impressive 41.7% rise during the last month, according to CoinMarketCap data.

Although the daily trading volume of this cryptocurrency has dropped by 12.32% to $6.8 billion, it appears that Solana could spike further under advantageous market circumstances.

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2024-11-20 21:04