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Solana Price To Complete 1,800% Growth To $4,000: Analyst


This article is also available in Spanish.

The latest market price action in the last 48 hours has done he brought cheap speeches with cryptocurrencies, with Goods like Solana taking center stage. In Solana’s case, crypto analyst Ali Martinez has hit a bullish nail with his latest prediction that Solana could see a staggering 1,800% price increase and reach $4,000 in the near future.

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In a post on social media X, Martinez highlighted ua creating a “cup and handle” chart pattern, which he says indicates a large Solana breakout. He supported his analysis with information from chart expert Thomas N. Bulkowski.

Solana Street Goes to $4,000

Martinez’s take on Solana is based on the monthly period of the cryptocurrency’s price action. As he points out, Solana’s price action over the past few years probably looks like cup and handle pattern. This formation cuts through the 2022 bear market, the 2023 consolidation and recovery, and the 2024 bull market.

According to the formation period, the cup part of the pattern was formed between 2022, 2023, and early 2024, when Solana broke the resistance line for the first time. The formation of handles was created by Solana’s bullish movement around the $200 price level around 2024, which eventually reached its peak. breaking new all-time highs in November 2019 it is 263 US dollars.

As shown in the chart below, the design of the cup and handle seems to have already been completed, and the only thing left is to wait and see how far Solana rises to the top. As for the price target, Martinez used the Fibonacci extension indicator, which he identified from the 2022 bear market low at $9.96. The target is around the 2.00 Fib extension level, which puts the proposed target at around $4,000.

Understanding the Cup and Handle: A Confirmed Bullish Formation

The cup and handle pattern is a classic technical indicator that is often associated with bullish market behavior. It consists of a round “cup” that represents the consolidation and recovery period, followed by a small “handle”, indicating a short consolidation before breaking out.

SOL is currently trading at $214. Chart: TradingView

According to Thomas N. Bulkowski, Martinez he was also highlighted in his analysis, cup and handle ranked as the third most effective pattern, with a 61% chance of reaching the intended target. Considering the unpredictable nature of cryptocurrencies, the issues presented by this pattern are quite remarkable.

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At the time of writing, Solana is trading at $215 and is up 3% and 16% in 24 hours and seven days, respectively. This price increase is coming in line with the increase in activity, as Solana saw a 16% increase in trading volume in the last 24 hours.

If Solana were to reach $4,000, it would translate into a return of about 1,800% from current prices.

Featured image from Pexels, chart from TradingView



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