Solana’s price just reached its all-time during the “Trump pump”. It is currently trading at $216 in the crypto market.
Titan of Crypto a page on X known for its chart analysis revealed a classic Cup and Handle pattern, a well-known bullish formation in technical analysis. This pattern typically indicates a bullish continuation following a consolidation phase.
- Cup Portion: The rounded bottom of the cup illustrates a long accumulation phase, suggesting that investors have been steadily building positions. This gradual recovery indicates a healthy market sentiment as traders prepare for a potential breakout.
- Handle Formation: After the Cup, the Handle appears as a minor consolidation or pullback. This phase is crucial as it allows the market to catch its breath before the anticipated breakout, often providing a final entry point for bullish traders.
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Cup and Handle Pattern Projects $400 Target
The chart revealed that Solana’s price has successfully broken out above the red horizontal resistance level, a pivotal moment confirming the bullish pattern.
The chart features an upward arrow that indicates the height of the Cup, which is used to project the potential breakout target.
Based on the measured move of the Cup and Handle pattern, the projected target for Solana price is around $400. This target aligns with the bullish sentiment reflected in the current price action and market dynamics.
At present, Solana’s price is in an uptrend, having broken out from its previous consolidation phase and surging toward the projected target.
This upward movement is underpinned by buying pressure, indicating growing bullish sentiment among traders. The strong momentum suggests that SOL may continue its ascent as investor confidence builds.
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Solana (SOL) has completed a bullish Cup and Handle breakout, supported by a successful retest of previous resistance. With a projected target of $400, this chart reflects strong market momentum and confirms a bullish outlook for SOL price.
