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Bullish🔥 Solana eyes $4,700 after breaking out of this pattern
Decentralized finance (DeFi) asset Solana (SOL) will likely see an over 1,800% upside based on a bullish technical setup.
Specifically, Solana has broken out of the bullish cup-and-handle pattern, signaling a potential target of $4,700 based on the formation’s historical implications, according to a projection shared by cryptocurrency analyst Ali Martinez in an X post on January 18.
The cup-and-handle pattern resembles a rounded “cup” followed by a smaller “handle” dip. It signifies a period of consolidation before a breakout, reflecting growing buying pressure after a prolonged correction. When the price breaks above the resistance level at the “rim” of the cup, it often leads to a strong upward move.
In Solana’s case, the breakout occurred after the asset reclaimed the $220 mark, validating the bullish setup.
Notably, although Solana has the potential to rally, the price target can be considered ambitious. It would elevate SOL’s market cap to $2.29 trillion, making it the top digital asset—provided Bitcoin (BTC) sees minimal growth.
The breakout projection comes when Solana is witnessing increased short-term bullish momentum, which aligns with the broader cryptocurrency market.
These positive sentiments have been heightened by optimism surrounding Donald Trump’s upcoming inauguration on January 20. Reports indicate that, once in office, Trump will likely issue an executive order related to cryptocurrencies.
🔸 #SOL short-term price target
For short-term analysis, pseudonymous cryptocurrency trading expert Sheldon The Sniper highlighted in an X post on January 18 that Solana could hit a record high within the $500 to $600 range.
The analysis noted that SOL’s first major target lies at $324, corresponding to the 1.618 Fibonacci extension. A sustained move beyond this level could push SOL toward $416, aligning with the 2.618 Fibonacci extension.
The next significant level for those eyeing higher gains is $504, marked by the 3.618 extension.
{spot}(SOLUSDT)
Decentralized finance (DeFi) asset Solana (SOL) will likely see an over 1,800% upside based on a bullish technical setup.
Specifically, Solana has broken out of the bullish cup-and-handle pattern, signaling a potential target of $4,700 based on the formation’s historical implications, according to a projection shared by cryptocurrency analyst Ali Martinez in an X post on January 18.
The cup-and-handle pattern resembles a rounded “cup” followed by a smaller “handle” dip. It signifies a period of consolidation before a breakout, reflecting growing buying pressure after a prolonged correction. When the price breaks above the resistance level at the “rim” of the cup, it often leads to a strong upward move.
In Solana’s case, the breakout occurred after the asset reclaimed the $220 mark, validating the bullish setup.
Notably, although Solana has the potential to rally, the price target can be considered ambitious. It would elevate SOL’s market cap to $2.29 trillion, making it the top digital asset—provided Bitcoin (BTC) sees minimal growth.
The breakout projection comes when Solana is witnessing increased short-term bullish momentum, which aligns with the broader cryptocurrency market.
These positive sentiments have been heightened by optimism surrounding Donald Trump’s upcoming inauguration on January 20. Reports indicate that, once in office, Trump will likely issue an executive order related to cryptocurrencies.
🔸 #SOL short-term price target
For short-term analysis, pseudonymous cryptocurrency trading expert Sheldon The Sniper highlighted in an X post on January 18 that Solana could hit a record high within the $500 to $600 range.
The analysis noted that SOL’s first major target lies at $324, corresponding to the 1.618 Fibonacci extension. A sustained move beyond this level could push SOL toward $416, aligning with the 2.618 Fibonacci extension.
The next significant level for those eyeing higher gains is $504, marked by the 3.618 extension.
{spot}(SOLUSDT)
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.