Solana Forms Cup-and-Handle Pattern with Potential to Reach $3,800
Solana (SOL) Faces Selling Pressure
Solana is struggling to maintain support levels, with a drop of over 37% since March. The entire crypto market is under stress due to trade war fears and macroeconomic uncertainty.
- Investor confidence is declining, leading SOL to remain vulnerable.
- Analysts note a potential bullish reversal, citing a cup-and-handle pattern formation.
- If confirmed, SOL could reclaim higher price levels, possibly surging to $3,800, a 2,900% increase from current values.
- Key resistance at $130 must be broken for any recovery.
- If SOL fails to hold above $125, it may drop toward support levels between $100 and $105.
Current Trading Situation
SOL is trading around $125, facing challenges to break the $130 resistance. The next few days will be critical for determining its direction.
- A push above $130 could signal renewed buying strength.
- A failure to hold current demand levels could lead to further declines.
- Investors are monitoring key support and resistance as short-term sentiment remains bearish.
