Solana Price At $4,000? Cup And Handle Pattern Shows Why This Is Possible

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	25,100,038,744	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

25,100,038,744

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.007247	-2.44%	0.289527	0.28953	0.289705

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.007247

-2.44%

0.289527

0.28953

0.289705

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.302354	0.289406	0.296774	0.296774	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.302354

0.289406

0.296774

- - -

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	04:29:49	15.23	0.289527	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

04:29:49

15.23

0.289527

USD

Price x Volume	Volume	Base Symbol	Related Pairs
151,806.45	513,902.00	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

151,806.45

513,902.00

Solana Price At $4,000? Cup And Handle Pattern Shows Why This Is Possible

11/12/2024 3:00pm

NEWSBTC

The Solana price is currently in a massive supply zone after recent declines in the past 48 hours that cut across the entire crypto landscape. Notably, technical analysis suggests that the Solana price is on the way to a massive breakout that would see both its price and market cap surge by over 1,700% in the near future. This analysis is highlighted by a cup and handle formation that has been in play for over two years. According to Solana price analysis shared on social media platform X by crypto analyst Ali Martinez, a bullish cup and handle pattern on Solana’s chart is pointing to a rally to an unprecedented $4,000. Cup And Handle Pattern Signals Bullish Momentum The cup and handle pattern is a classic technical analysis formation often associated with a strong bullish breakout. This pattern, characterized by a rounded bottom (the cup) followed by a smaller dip (the handle), is considered one of the more reliable indicators in technical trading. Related Reading: Weekly Bull Flag Appears On XRP Price Chart, Why A Double-Digit Is Still Feasible In the case of Solana, the development of this pattern has been in action since 2022 through different market cycles. The cup phase began to take shape during the start of the 2022 bear market and extended throughout the entire persistent downtrend. This period also covers the consolidation phase in early 2023 and the rally that took place in the second half of the year. Together, these movements formed the rounded bottom of the cup, with the latter rally highlighted by a break above five successive Fib extension levels. Interestingly, Martinez’s analysis indicates that Solana is currently in the handle phase for the past eight or so months. As it stands, recent price action has seen the Solana price peeking above the neckline of the cup and handle pattern, culminating with the recent all-time high of $263 on November 23. However, the Solana price has been highlighted by a correction phase since reaching this all-time high, with a low of $205 in the past 24 hours. Implications For Solana Price According to technical analysis, the recent all-time high on November 23 coincides with the 1.00 Fibonacci extension level when drawn from the 2022 bear market low of $8, which serves as the lowest point in the cup and handle pattern. Related Reading: This Analyst Correctly Predicted The Bitcoin Flash Crash To $94,000, But There’s A New Target However, the correction that ensued since the all-time high has seen the Solana price retesting the breakout level of neckline for the cup and handle pattern. Such a retest is a common occurrence in cryptocurrency markets, especially after breaking through long-standing resistance levels. With this in mind, Martinez predicted a bounce at the neckline and a resumption of the uptrend. Martinez’s prediction envisions a break above the next four Fib extension levels up until 1.786 Fib extension. If this trajectory were to play out this way, it would drive the Solana price above multiple psychological thresholds, ultimately surpassing $4,000 at the 1.786 extension level., representing a 1,700% increase from the current price of Solana. At the time of writing, Solana is trading at $219. Featured image created with Dall.E, chart from Tradingview.com

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