Over the last seven days, Solana’s price has been scorching hot and is aiming to reach a brand-new peak this weekend. The debut of Donald Trump’s official meme coin, TRUMP, on the Solana network has fueled the latest surge in bullish sentiment for SOL tokens.
As a researcher delving into the cryptocurrency market, I’ve noticed an intriguing surge of optimism that seems to have positioned Solana in an exhilarating price setup. According to a widely-respected crypto analyst on social media platform X, this bullish trend might propel the value of Solana all the way up to a staggering $4,700 in the upcoming months.
Is SOL Price Gearing For A Parabolic Move?
Known cryptocurrency expert Ali Martinez recently posted some intriguing insights about Solana’s pricing trend on the X platform. As per his analysis as a trader in the crypto sphere, the price of SOL has just burst free from a favorable pattern, indicating a potential sharp increase ahead.
In my analysis, I’ve identified a bullish cup and handle formation on Solana’s monthly chart. This pattern, as its name implies, resembles a cup with a small handle extension. The ‘cup’ part of this formation takes the shape of an upside-down ‘u’, while the ‘handle’ tilts slightly downward. This pattern is often interpreted as a signal for potential price increase after the consolidation phase represented by the handle.
The cup and handle pattern functions as a positive sign, implying that a rising trend will persist. However, to confirm this bullish prediction, the cryptocurrency’s price should exceed the upper limit of the handle during closing.
According to the highlighted graph, the Solana price looks like it has broken through the upper line of the handle near $220. To determine a potential target price, we measure the distance from the point where it broke out (the right edge of the cup) to the bottom of the cup and add that value to the breakout level.
As per Martinez’s analysis, if Solana’s altcoin price continues to stay above its upper trendline, it could potentially soar up to $4,700. This predicted surge would equate to an incredible 2,000% increase from its current value for Solana.
Solana Price At A Glance
Currently, the value of SOL is approximately $262, and it has surged nearly 20% over the last 24 hours. Consequently, this surge has also affected its performance on longer timeframes, making SOL one of the top-performing large-cap cryptocurrencies during the past week.
Based on information from CoinGecko, the price of the Solana token has increased nearly 40% over the past week. Currently holding a market capitalization of about $128 billion, Solana ranks as the fifth most significant cryptocurrency within the digital assets field.
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2025-01-19 18:04