Solana Price Could Reach $4,000 Following Cup and Handle Breakout
The Solana price may be poised to reach a new all-time high (ATH) of $4,000, as indicated by an analyst following its recent breakout from a significant Cup and Handle pattern. This bullish signal arises from gains that have pushed the Solana (SOL) price above the $200 mark, suggesting strong upward momentum.
Solana Price Targets $4,000 Breakout
A crypto analyst known as ‘CryptoRus’ has predicted that Solana could achieve a price of $4,000 by the end of the current market cycle, based on the technical Cup and Handle pattern identified on its price chart. This pattern is regarded as a bullish indicator, suggesting a potential upward trend.
CryptoRus noted that Solana has recently broken out of its Cup and Handle formation. The analysis indicates that from 2022 to mid-2024, Solana underwent consolidation, represented by the cup portion of the pattern, with slight consolidation in the handle segment. A breakout is expected once Solana surpasses resistance levels between $195 and $255. Following this breakout, projections suggest an upward trajectory that could exceed $4,450, potentially reaching as high as $5,000, necessitating a rally of 2,027% from current prices.
Earlier this week, as Solana approached its breakout point, the analyst mentioned that the Cup depth implies a bullish target of $400 for this market cycle, representing a 70.21% increase from current values.
Update On Price Movements
Recently, the Solana price has experienced significant upward movement, coinciding with broader market gains. This bullish trend aligns with Bitcoin's substantial rise to an ATH above $93,000.
As a leading altcoin, analysts anticipate that Solana will continue to reach new highs as the bull market progresses. Currently, the Solana price trades at $237, reflecting a 14.88% increase over the past week and a 41.7% gain over the previous month, according to CoinMarketCap.
Despite a decline in daily trading volume to $6.8 billion (down 12.32%), Solana retains potential for further price increases if market conditions remain favorable.
