Analyst Foresee Solana Price Soaring To $4500 As A Cup and Handle Pattern Take Shape
The Solana Price has the potential to experience a substantial increase, possibly reaching as high as $4,500. This projection is based on the analysis of a cup and handle pattern that has recently emerged on the coin’s chart, signalling a bullish outlook for SOL. The coin’s strong fundamentals have contributed to its recent price gains, further supporting the optimistic forecast.
Solana Potential 2600% Surge Pattern
SOL has formed a cup-and-handle pattern on its weekly chart, indicating the possibility of a 2,600% surge, potentially leading to a price of $4,500. This pattern suggests a continuation of the uptrend that was disrupted in 2022 due to FTX’s collapse.
Prior to the price drop, SOL was on an upward trajectory, poised to surpass its previous all-time high of $260. The current price surge can be seen as a continuation of the rally that commenced in 2022 but was interrupted by FTX’s collapse.
Other Analyst Stance
An analysis by crypto analyst Titan of Crypto aligns with this bullish outlook, as he also highlighted a bull flag on SOL’s chart, indicating a potential uptrend continuation following a period of consolidation. Both the cup-and-handle and bull flag analyses point to a potential surge to four digits, likely occurring next year and marking the market top in this bull run.
In the short term, attention is focused on the potential price movement by the end of this month. SOL is expected to move towards $190 and $195, with the possibility of trading between the $230 to $250 range, close to its current all-time high.
Solana Network Significant Strength
The Solana network is demonstrating significant strength in decentralized exchange (DEX) volume, surpassing other chains in both weekly and daily volumes, according to DeFiLlama data. In the last 24 hours, Solana witnessed DEX trading volume of $2.17 billion, surpassing Ethereum, which recorded $1 billion during the same period. Similarly, SOL leads ETH in weekly DEX volume with $12.8 billion compared to $8.8 billion.
The increasing narrative that Solana is emerging as the new hub for DeFi is bolstering predictions that SOL could potentially challenge or even surpass ETH’s dominance in this market cycle. Notably, SOL is outperforming ETH in this current bull run, boasting a year-to-date gain of over 63% compared to ETH’s 17%.
Read Also: Terra Luna Classic Seeks Dashboard Access Managed By Terraform Labs
Follow us on Twitter, Facebook, Telegram, and Google News
Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
