Solana (SOL) has broken out of a cup-and-handle pattern, a bullish technical formation suggesting an 1,800% price surge. This development aligns with a recent CNF press release forecasting that Solana could breach $300 as a new trend gains traction on X. According to analyst Ali Martinez, this setup indicates a long-term price target of $4,700, provided upward momentum continues. The breakout was confirmed when SOL surpassed the $220 level, signaling increased buying interest.
#Solana $SOL has broken out of a cup-and-handle pattern, signaling a potential upside target of $4,700! pic.twitter.com/CHgpw0hcwh
— Ali (@ali_charts) January 18, 2025
If this projection materializes, Solana’s market cap could skyrocket to $2.29 trillion, potentially positioning it as the top digital asset, assuming limited growth from Bitcoin.
Short-Term Targets Show Promise
In the near term, analysts predict SOL could hit milestones between $324 and $600. Sheldon The Sniper, a pseudonymous trading expert, highlighted Fibonacci levels, with $324 as the first major target. BitTime Platform echoed this sentiment, noting that the adoption of the Solana network for launching the “Official Trump (TRUMP)” meme coin has strengthened market interest in the asset. With strong price movements, Solana has become a focal point in the crypto market.
This momentum is supported by several positive developments, including the adoption of the Solana network for the launch of the “Official Trump (TRUMP)” meme coin which strengthened market interest in this digital asset. With strong price movements, Solana coin has become a major highlight in the crypto market. At the time, breaking this level could push SOL to $416 and then to $504, setting the stage for a climb into the $500 to $600 range. Meanwhile, Alan Santana suggested a $300 target in the coming months, citing the same bullish technical structure.
Market Buzz: Could SOL Reach $4,700 After Breaking This Pattern?
Despite challenges, SOL remains above its 50-day and 200-day SMAs, with a Relative Strength Index of 60.33, indicating room for growth. Resistance at $250 could act as a short-term hurdle, but pullbacks might offer attractive buying opportunities. With technical and market factors aligning, Solana could be poised for significant price movements in both the short and long term. Investors are closely monitoring its trajectory as bullish sentiment builds.
At the time of writing, according to Coin Market Cap data, Solana (SOL) is trading at $259.37 with a decrease of 8.93% in the past day and a 45.56% increase in the past week. See SOL price chart below.
[mcrypto id=”126000”]
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