A prominent crypto analyst warns that Solana's price could rally to a new all-time high (ATH) of $4,000. This prediction follows a crucial breakout from the "Cup and Handle" pattern. Recent gains in Solana's price, now steadily climbing above $200, suggest an intense upward trajectory.
The analyst, known in crypto circles as 'CryptoRus', has long predicted that Solana might hit $4,000 by the end of this market cycle. According to CryptoRus, Solana has recently broken free from its Cup and Handle chart pattern. This formation is widely regarded as a bullish indicator, heralding the onset of an upward trend.
CryptoRus's analysis rests on Solana's weekly price chart, highlighting the Cup and Handle pattern. This formation occurred from 2022 through mid-2024, marking a phase of consolidation and recovery. The 'handle' signifies slight consolidation, but a breakout signal has emerged in recent analyses.
The forecast suggests that breaking past resistance levels between $195 and $255 will trigger a robust upward trend. The projections indicate potential gains above $4,450, possibly reaching an impressive $5,000. Achieving this would see Solana rally 2,027% from its current value.
Earlier in the week, with Solana nearing a breakout from its Cup and Handle pattern, CryptoRus shared via a previous post that the pattern's depth hinted at a bullish $400 target in this cycle. Attaining $400 would mean a 70.21% increase from its current market standing.
Recently, Solana's price has been on a strong upward trend, recording notable gains amid the bullish market climate. This bullish action aligns with Bitcoin's surge to a new ATH above $93,000.
As a leading altcoin, many market watchers continue to set optimistic targets for Solana, anticipating new all-time highs as market conditions evolve. At the time of writing, Solana trades at $237 after seeing a 14.88% rise over the past week and an impressive 41.7% gain in the previous month, per CoinMarketCap.
While its daily trading volume of $6.8 billion has dipped by 12.32%, Solana still holds the promise of a rise, provided favorable market conditions persist.