Tuesday, February 18, 2025

Solana’s Potential 2,000% Rally: Cup-and-Handle Pattern Signals Price Surge

Article Image

Originally published on: October 21, 2024

Solana, often referred to as the “Ethereum killer,” could see a remarkable surge of over 2,000% in the coming months, according to promising chart technicals.

Having already surged by more than 2,000% since hitting a low of $10 in November 2022, Solana’s price movements have formed a cup-and-handle pattern on the weekly chart, as highlighted by expert analyst Peter Brandt.

A cup-and-handle pattern typically signifies a U-shaped recovery, resembling a cup, followed by a consolidation phase that looks like a handle. This period of consolidation indicates hesitation among traders as they assess the likelihood of a continued upward trend. Lately, SOL’s price has been consolidating within the $100-200 range since March 2024.

According to technical analysis principles, a cup-and-handle pattern usually resolves when the price breaks above its common neckline resistance, in Solana’s case at $205, potentially leading to a surge equivalent to the distance between the cup’s trough and the neckline.

This breakout scenario puts Solana’s target price for 2025-2026 at around $4,500, representing a substantial increase of over 2,000% from current levels.

While the cup-and-handle pattern shows strong potential, it’s essential to note that historical data indicates that not all setups reach their projected targets. Past instances have shown that only 61% of cup-and-handle trades in the stock market achieved the expected results.

Further optimistic signs for Solana emerge from expectations of an upcoming altcoin season following Bitcoin halving events. As observed in previous halvings, the altcoin market has experienced significant growth, with Solana’s price surging in tandem with this trend.

Traders often turn their focus to altcoins after Bitcoin rallies, seeking higher percentage gains. Altcoins, characterized by smaller market cap assets, are known for their volatility and potential for significant returns during bullish market phases.

This article serves as informational content and does not provide investment advice. Readers are encouraged to conduct their research and due diligence before making any financial decisions. Subscribe to our Markets Outlook newsletter for more insights on investment opportunities and trading strategies.

Hot this week

Study Finds 1 in 5 US Voters Engaged with Cryptocurrency

Originally published on: December 18, 2024A recent survey conducted...

Revolutionizing Blockchain Technology: Key Takeaways from G6 Networks AMA

Originally published on: December 18, 2024Gabor Bovai and David...

HashKey Group Unveils Revolutionary Ethereum Layer-2 HashKey Chain Mainnet

Originally published on: December 18, 2024HashKey Group, a pioneering...

Beware of Phishing Scammers: A Warning from Ledger’s Users

Originally published on: December 18, 2024Reports have surfaced indicating...

Avara Founder Supports Removal of Polygon Markets from Aave Platform

Originally published on: December 18, 2024Stani Kulechov, the CEO...

Topics

Study Finds 1 in 5 US Voters Engaged with Cryptocurrency

Originally published on: December 18, 2024A recent survey conducted...

Revolutionizing Blockchain Technology: Key Takeaways from G6 Networks AMA

Originally published on: December 18, 2024Gabor Bovai and David...

HashKey Group Unveils Revolutionary Ethereum Layer-2 HashKey Chain Mainnet

Originally published on: December 18, 2024HashKey Group, a pioneering...

Beware of Phishing Scammers: A Warning from Ledger’s Users

Originally published on: December 18, 2024Reports have surfaced indicating...

Avara Founder Supports Removal of Polygon Markets from Aave Platform

Originally published on: December 18, 2024Stani Kulechov, the CEO...

Crypto Communities Across the US Gear Up for Festive Meetups

Originally published on: December 18, 2024As the holidays approach...

Ethena Labs Joins Forces with Trump-Backed World Liberty Financial for Exciting Partnership

Originally published on: December 18, 2024Ethena Labs, a leading...

Unlock Your Football Skills with Cristiano Ronaldo and Binance Partnership

Originally published on: December 18, 2024Binance and Cristiano Ronaldo...
spot_img

Related Articles

Popular Categories

spot_imgspot_img