Crypto enthusiast and influencer CryptoJack shared his bullish stance on Solana (SOL) on X, highlighting a technical formation that predicts a robust upward trajectory. He states, “Solana formed a rounding bottom pattern over many weeks and is primed for an explosion any moment now. I entered a Long position on $SOL and expect it to break ATHs this year!” CryptoJack grounds his analysis in a comprehensive examination of Solana’s price movements and key technical indicators.
What you'll learn 👉
Cup and Handle Formation Signals Upside
Analysis of the Solana chart on a 1-week timeframe reveals a classic ‘cup and handle’ pattern, suggesting an impending price surge. This pattern typically indicates bullish momentum following a period of consolidation. Before the handle formed, Solana’s price escalated from a low of approximately $22 in mid-2023 to nearly $200 in 2024, meeting resistance and retracting to a support level around $140. The recent price action shows upward movement from this base, with green candlesticks signaling buying interest.
The $200 mark stands as a major resistance level, forming the rim of the cup in the chart pattern. Currently, Solana’s price is consolidating around $140, establishing it as the present support. Traders and investors are closely monitoring these levels, anticipating a breakout. A projected target of up to $360 by 2025 underscores the optimistic scenario envisioned by CryptoJack.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +Market Implications and Future Projections
The bullish outlook for Solana hinges on the ability of its price to convincingly break above the $200 threshold. Such a breakout, ideally accompanied by increased trading volume, would confirm the pattern’s predictive strength. However, should resistance at $200 prove formidable, Solana may experience further consolidation beneath this level before attempting another breakout.
Solana investors and market spectators need to take into account additional market factors and news related to both Solana and the broader cryptocurrency landscape. These elements are crucial for validating the bullish predictions suggested by technical chart patterns.
Hunting for a small cap coin that could explode 10x? We’ve unveiled a few last week alone.
Get all our future calls by joining our FREE Telegram community.
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
