SOL’s Cup and Handle Projects 47% Gain Amid $1.18B Inflows
The post SOL’s Cup and Handle Projects 47% Gain Amid $1.18B Inflows appeared on BitcoinEthereumNews.com.
Solana’s native token, SOL, has completed a classic cup-and-handle pattern on its daily timeframe, a reliable technical formation signaling bullish momentum. As observed, the asset formed a rounded cup bottom between March and November, culminating in a resistance breakout point near $212.36. Afterward, the handle correction retraced slightly, testing key Fibonacci retracement levels, notably 0.236 around $226.78, indicating strong support. Based on the height of the cup, the cryptocurrency’s projected price target hints at a possible 47% rally, which coincides with the 2 Fibonacci extension zone at $313.46. Notably, the relative strength index at 61.335 reveals a mild bullish momentum, with ample space for further upside before reaching overbought conditions, making Solana a prime candidate for traders targeting price levels above the $300 zone. Strong Market Fundamentals Back Technical Momentum The current positive outlook is supported by sturdy market inflows, where the Solana cryptocurrency recorded $1.19 billion in spot inflows versus $1.13 billion in outflows on December 5, resulting in a net positive flow. This highlights a sustained buying spree as the token traded at the $239.25 threshold. Adding to this sentiment, the token’s Open Interest (OI) Weighted Funding Rate remains positive at 0.0653%, a critical indicator of continued bullish sentiment among traders. This means that long-position holders are willing to pay a premium to short ones to keep their bullish bets intact, further cementing the confidence in the cryptocurrency’s upward movement. SOL’s Price Prediction: Experts Forecast Accelerated Gains Raoul Pal, co-founder of Real Vision, took to his X platform to praise Solana’s weekly chart as a quintessential example of bullish strength, asserting, “$SOL… literally couldn’t be a more bullish long-term chart… when it breaks higher, it’s going to ACCELERATE.” $SOL… literally couldnt be a more bullish long term chart…when it breaks higher, its going to ACCELERATE. pic.twitter.com/nthzQgh5uB — Raoul…
Filed under: News - @ December 6, 2024 4:13 am