The post Solana Cup and Handle Formation Suggests Incoming 92% Surge to $375 appeared on BitcoinEthereumNews.com.

While Solana (SOL) trades at $235, down 10.13% from its ATH, a bullish “cup and handle” pattern signals potential growth. Solana has registered a notable price decline after hitting an all-time high of $263.21 on November 23. At the time of writing, SOL is worth $235.21, with a slight 0.1% increase over the last 24 hours. However, on the 14-day and 30-day timeframes, Solana maintains more significant upward momentum, with gains of 6% and 30%, respectively. Now, analysts and on-chain metrics suggest that Solana is riding a broader bullish trend, supported by positive technical indicators and growing ecosystem developments. Technical Patterns Indicate Bullish Continuation Chart analysis from TradingView reveals a “cup and handle” formation for Solana’s price action. This pattern, which typically signals a bullish continuation, emerged after prolonged accumulation. The “cup” section of the pattern, visible between late 2022 and mid-2024, formed a rounded bottom, with the lowest point recorded near $7. The “handle” followed, forming a downward channel from March 2024 before the breakout occurred. SOLUSDT 1 week Chart TradingView Further supporting the bullish outlook is an AB=CD harmonic pattern on the same chart, showing symmetry in price movements. The AB segment began with a dramatic 1797% increase, rising from $7 to $179. Following the handle’s consolidation, the CD segment is projected to mirror this movement, targeting $375.98. This suggests a potential 92.39% surge from its current price. However, analysts warn that confirmation of this breakout will depend on a weekly candle close above key resistance levels. In another analysis on TradingView, Solana is seen trading within an ascending channel on the 4-hour timeframe, with a key resistance level at $260. A break above this resistance could push the price towards $290, the next significant target. Alternatively, if Solana faces rejection at the $260 resistance, a temporary pullback…

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Filed under: News - @ November 28, 2024 8:27 pm