Solana Breaks Cup-and-Handle Pattern, Eyes $500 Price Target
Solana's price has broken above a cup-and-handle chart pattern, according to analyst Javon Marks. This breakout could pave the way for SOL to reach $500, which is over 350% higher than its current price.
Marks pointed out that the token broke through resistance and now traders are watching whether it can hold above this level as support. The Solana Foundation has also rolled out payment channels for AI agents, allowing up to one million transactions per second via Pay.sh.
The launch of these payment channels is seen as a significant development in Solana's ecosystem growth. Analyst Curb believes that SOL could eventually reach $1,000 or higher over the long term, citing rising use of Solana for tokenized assets and payments.
In August, apps on the network generated $143 million in revenue, making Solana the top blockchain for app revenue that month.