Analyst Sets Bold $1,314 Target For Solana After Cup-And-Handle Breakout

A cryptocurrency analyst has pointed out how Solana may be moving toward a sky-high main target based on a cup-and-handle ￰0￱ Is Breaking Out Of A Cup And Handle In a new post on X, analyst Ali Martinez has shared a pattern that the 1-week price of SOL has appeared to have been following during the last few ￰1￱ pattern in question is a “cup and handle” from technical analysis (TA). It’s made up of two parts: a U-shaped trendline forming the “cup” and a downward parallel channel representing the “handle.” As the asset moves through the pattern, it first goes through a decline to a low, then observes a rebound back to about the same height as before the drawdown.

Finally, it once again witnesses a bearish trajectory, this time one consistent with a descending ￰2￱ the price is inside the channel, the usual rules of the formation apply: the upper line acts as a resistance barrier, while the lower one provides support. A break out of the levels can imply a continuation of trend in that ￰3￱ Reading: Litecoin Surges As Whales Scoop Up 181,000 LTC A cup and handle is generally assumed to be a bullish continuation pattern, meaning that breakouts can be considered more probable to occur in the up ￰4￱ same seems to have held true for Solana as well, as its 1-week price has just seen a surge beyond the resistance line of its multi-year cup and handle ￰5￱ displayed in the above graph, the weekly Solana price went down and up along a cup between 2021 and 2024, but this year, it entered into the handle or downward consolidation ￰6￱ some period of stay inside the zone, the coin finally found a break away from it in ￰7￱ escape from the descending channel occurred with an upward surge, a potential sign that sustained bullish momentum may be coming for SOL, if the pattern is anything to go ￰8￱ for what could be a potential target for the cryptocurrency’s price, the analyst has suggested a rather bold one: $1,314.41.

The target corresponds to a line from Fibonacci Extension ￰9￱ Extension levels are drawn on an asset’s price chart starting from a bottom ￰10￱ has taken SOL’s cup low as the zero ￰11￱ successive level corresponds to some percentage extension from this bottom, equal to a ratio from the popular Fibonacci ￰12￱ Reading: Dogecoin To $0.50? This Channel Break Could Be The Catalyst The 1.414 Fibonacci Extension level lies at $1,314.41 for Solana right ￰13￱ now remains to be seen whether the coin will eventually surge to this mark, or if the breakout will fizzle ￰14￱ Price Solana has performed better than most top coins over the past week as its price has surged by more than 17%, reaching the $238 ￰15￱ image from Dall-E, charts from ￰16￱