SOL Forms Bullish Cup-and-Handle Pattern, Suggesting a Potential 2,600% Price Surge to $4,500
Top Analyst Forecasts Timeline for Solana Price to Hit $4,500
Highlights
– A cup-and-handle chart pattern indicates that Solana (SOL) could reach $4,500.
– Previously, crypto analyst Titan of Crypto projected SOL could climb to $1,400.
– Strong fundamentals support a bullish outlook for Solana, which could drive future price rallies.
Solana Could Climb to $4,500
According to recent analysis, Solana (SOL) has formed a cup-and-handle pattern on its weekly chart, suggesting the potential for a 2,600% surge that could push its price to $4,500. This bullish pattern typically signals the continuation of an upward trend. The pattern traces back to 2022, following a major drop from around $206 to $9.20 after the FTX collapse.
Before this downturn, SOL was already on an uptrend, positioned to surpass its previous all-time high (ATH) of $260. Therefore, the current pattern indicates a potential continuation of the upward momentum that began in 2022 but was interrupted by the FTX crisis.
This analysis presents a more optimistic outlook for SOL compared to Titan of Crypto’s previous forecast of $1,400. His analysis also highlighted a bull flag on the chart, another pattern indicating an ongoing uptrend after a period of consolidation. Both the cup-and-handle and bull flag patterns suggest that if SOL reaches four-digit levels, this could likely happen next year, marking the peak of the current bull run.
In the near term, market focus remains on how high SOL can rise by the end of this month. According to a CoinGape report, Solana is expected to target the $190 to $195 range and could potentially trade between $230 and $250, close to its current ATH.
- Solana Leads in DEX Volume
The Solana network is currently outperforming other blockchains in decentralized exchange (DEX) trading volumes, a positive signal for its price outlook. Data from DeFiLlama reveals that Solana leads other chains in both daily and weekly DEX volumes. - In the past 24 hours, Solana registered $2.17 billion in DEX trading volume, significantly ahead of Ethereum’s $1 billion. On a weekly basis, Solana also outpaced Ethereum, with $12.8 billion compared to Ethereum’s $8.8 billion.
- The growing narrative that Solana is emerging as a new hub for decentralized finance (DeFi) continues to gain traction, further supporting predictions that SOL could challenge Ethereum’s dominance, or at least rival it during this market cycle.
- Although overtaking Ethereum remains a challenging goal, it is notable that Solana has been outperforming Ethereum during the current bull run. Year-to-date (YTD), SOL has gained over 63%, compared to Ethereum’s 17%.
