Solana Price Gears Up for $400 Rally as Analyst Predict ‘Next Week’ Breakout
The cryptocurrency market is gradually losing its bullish momentum, driven by the U.S. election boost. Amid the low volatility weekend, the Bitcoin price witnessed selling pressure at $77,000, signaling a post-rally pullback. However, crypto analysts believe the Solana price is poised for a major breakout from a bullish reversal pattern amid the TVL hike.
By press time, the SOL price had traded at $200.5 with an intraday gain of 0.45. According to Coingecko, the asset’s market cap surged to $94.58 Billion while the trading volume is at $4.3 Billion.
Analyst Predicts Solana Breakout Next Week, Targeting $400 Rally
This week, the cryptocurrency market experienced a massive inflow following Donald Trump’s victory in the 47th presidential election. As Bitcoin price hit a new high of $77,200, most major altcoins recorded a renewed recovery.
Thus, the Solana price records a sharp surge from $158 to $200, registering 28.8%. Crypto analyst Pentoshi highlights this recovery with a massive green candle in the weekly time frame chart, with a potential breakout coming next week.
The chart attached by the analyst illustrates the formation of a bullish reversal pattern known as the Cup and Handle. The chart setup typically begins with a rounded “cup,” where the price gradually recovers after a decline, forming a U-shaped curve. This is followed by the “handle,” a brief consolidation phase or slight pullback.
The Solana price prediction hints the buyers are 5.2% away from challenging the pattern’s neckline resistance at $210. A sustained breakout from the resistance will accelerate the recovery movement and end a multi-year accumulation.
SOL/USDT – 1d Chart | Pentoshi
The post-breakout rally could drive the SOL price 114% up to hit the $435 high.
SOL’s Growing TVL Highlights DeFi Revival and Price Momentum
According to DefiLlama, the SOL’s total volume locked (TVL) witnessed a renewed recovery from $5.94 Billion to $7.15 Billion, registering a 20% jump. The rise highlights an influx of capital into Solana-based decentralized finance (DeFi) protocols, suggesting increased user activity and trust in its network.
Generally, the price recovery backed by the TVL surge indicates a sustained recovery with the potential to drive an extended rally.
On the contrary, if Solana price experienced a renewed selling pressure at $210, the sellers could counterattack and continue the sideways trend.
The post Solana Price Gears Up for $400 Rally as Analyst Predict ‘Next Week’ Breakout appeared first on CoinGape.
Filed under: News - @ November 9, 2024 2:28 pm