Altcoin
Solana Price Could Hit $3,800 if This Bullish Pattern Plays Out
Solana price is gaining attention as analysts identify bullish technical patterns that could drive it to new highs. Analysts suggest that Solana ($SOL) is forming a cup-and-handle pattern, a bullish continuation structure in technical analysis. If confirmed, this pattern could push the altcoin to an ambitious price target of $3,800.
Solana Price Cup-and-Handle Pattern Hints at Possible Surge to $3,800
Technical analyst Ali Martinez highlighted on the X platform that Solana price is forming a cup-and-handle pattern. This formation consists of a rounded bottom (cup) followed by a brief consolidation (handle). If the price breaks above the resistance level at the cup’s peak, a strong upward move could follow.
According to Martinez, this setup could trigger a rally toward $3,800 if the breakout occurs. The cup-and-handle pattern is a well-known bullish signal in technical analysis, often leading to strong price movements. However, the breakout confirmation remains crucial for this potential rally to unfold.
Adding to the bullish prediction, a recent CoinGape price analysis highlighted that the top altcoin could hit $4,000 if market conditions align with previous cycles. The analysis pointed to strong technical support at key Fibonacci levels and increasing institutional interest, which could fuel a parabolic rally.
Hidden Bull Divergence Signals Possible Recovery
Additionally, Javon Marks identified another bullish pattern for Solana price, confirming a Hidden Bull Divergence. This pattern forms when the price hits lower lows while the Relative Strength Index (RSI) registers higher lows. It suggests underlying buying pressure, despite the recent price pullback.
Marks projects that Solana price could recover to $270, representing a 107% gain from current levels. He also highlights $233.8 as a key resistance zone. A successful breakout above this level could set the stage for further gains, confirming the bullish momentum in the altcoin.
If SOL price surpasses the $233.8 resistance, Marks predicts an upward move toward $457.97. This target would mark a 252% increase from current price levels. The altcoin’s bullish setup suggests that clearing this resistance could act as a catalyst for continued growth.
At press time, Solana price is trading at $132, marking a 8% increase in the past 24 hours. The top altcoin market cap has surged to $67.28 billion, while the 24-hour trading volume has hit $3 billion. This bullish momentum suggests growing investor confidence, potentially setting up SOL for a further breakout in the short term.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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