Solana Price Will Complete 1,800% Surge To $4,000: Analyst
Latest market price movements over the past 48 hours Make bullish talk For cryptocurrencies, with Solana and other assets occupied Center stage. In the case of Solana, cryptocurrency analyst Ali Martinez Hitting the Bullish Nail He recently predicted that Solana’s price could surge 1,800%, reaching $4,000 soon.
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In a post on social media platform Martinez emphasized Developing the “cup-and-handle” chart pattern, he claimed it marked a massive bullish breakout for Solana. He backs up his analysis with insights from charting expert Thomas N. Bulkowski.
Solana’s road to $4,000
Martinez’s take on Solana is based on a monthly time frame of cryptocurrency price action. As he points out, Solana’s price action over the past few years will likely look like Cup and handle pattern. This pattern spans a 2022 bear market, a 2023 consolidation plus recovery, and a 2024 bull market.
Looking at the formation period, the cup portion of the pattern formed in 2022, 2023, and early 2024, when Solana broke above the resistance trendline for the first time. The handle pattern was formed by Solana bouncing around the $200 price level for most of 2024, culminating in Breaking through all-time highs It was $263 in November.
As shown in the chart below, the cup-and-handle pattern appears to be complete, and all that remains is to see how much Solana rises. In terms of price targets, Martinez utilized the Fibonacci extension indicator to forecast the 2022 bear market low of $9.96. The target is around the 2.00 Fibonacci extension level, which puts the expected target around $4,000.
Understanding Cups and Handles: Proven Bullish Patterns
The cup-and-handle pattern is a classic technical indicator often associated with bullish market action. It consists of a circular “cup,” representing a period of consolidation and recovery, followed by a smaller “handle,” representing a brief period of consolidation before a breakout.
Thomas N. Bulkowski of Martinez said In his analysis, he also emphasized that The cup-and-handle pattern is the third most effective bullish pattern, with a 61% chance of achieving its projected target. Given the unpredictability of cryptocurrencies, the likelihood of this pattern emerging is significant.
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As of this writing, Solana is trading at $215, up 3% and 16% over the past 24 hours and 7 days, respectively. This time the price increase is coming As activity surges, Solana’s trading volume increased by 16% in the past 24 hours.
If Solana hits $4,000, that would be a return of about 1,800% at current prices.
Featured images from Pexels, charts from TradingView
