Solana Bulls Eye 10X Move as Cup-and-Handle Pattern Forms
Solana's recent price action has some analysts predicting a significant move up in the coming days. The cryptocurrency has been trading at $117.25, representing a 15.9% increase over the past week.
One of the key factors supporting Solana's potential rise is its strong on-chain support near the $100 level, where approximately 40 million coins have changed hands. This could become crucial if Solana attempts another leg higher.
Renowned market analyst Ali Martinez notes that a breakout above the neckline of the cup-and-handle pattern at around $360 could open up the possibility for a long-term target of $1,300, representing a 10x jump from current levels. Peter Brandt also points to this pattern and predicts that Solana could make at least a 100% move towards the upper boundary of the formation.
The cup-and-handle pattern is a rare macro-level chart formation that indicates a strong potential for price growth. Additionally, recent inflows into Solana-related exchange-traded funds (ETFs) have added to the bullish narrative surrounding the network.