The post Identifying if Solana’s 17% weekly surge can push price to $4000 appeared on BitcoinEthereumNews.com.

SOL surged by 17.56% over the past week, with one analyst eyeing a rally to $4000 Solana whales have been accumulating SOL tokens worth millions too Over the last 4 days, Solana [SOL] has registered a strong upswing on the charts. During this period, the altcoin broke out of its $200 resistance. In fact, SOL climbed from a low of $187 to a high of $219 on the charts. At the time of writing, Solana was trading at $216. This marked a 4.35% hike on the daily charts. This, on top of the altcoin’s weekly gains of 17.56%. Needless to say, this price pump has left the Solana community eyeing a massive rally. According to popular crypto analyst Ali Martinez, for instance, a potential rally to $4k is possible now, with Ali citing a cup and handle pattern on the charts. Can Solana rally to $4000? In his analysis, Martinez posited that Solana is likely forming a cup and handle pattern and it could hit a high of $4,000. Source: Ali on X When a cup and handle pattern forms, it means that buyers are regaining control after a period of consolidation and are preparing for a breakout. Usually, this pattern signals a continuation of a bullish momentum. Therefore, if this pattern finally forms, SOL could see an exponential surge to levels ahead. What do SOL charts say? While the analysis shared by Ali seemed to offer a promising outlook, it’s essential to determine what other metrics might suggest. For example – According to AMBCrypto’s analysis, Solana has been seeing strong upward momentum amidst a hike in buying pressure. Source: Spotonchain We can see this uptick in buying activity from both retail traders and whales. As such, whales have been actively accumulating SOL over the last few days. In fact,…

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Filed under: News - @ January 4, 2025 5:23 pm