Solana Looks Explosive: Cup And Handle Formation Teases Rally To $425 Target

Solana (SOL) is flashing a powerful bullish setup as it forms a classic cup and handle pattern on the monthly ￰0￱ the 1.618 Fibonacci target sitting near $425 and the monthly MACD gearing up for a golden cross, momentum is building ￰1￱ speculation around a potential Solana ETF approval heats up, traders are eyeing what could be the start of a major breakout ￰2￱ And Handle Formation Signals A Major Bullish Setup Lark Davis, a well-known crypto analyst, recently shared an optimistic outlook on SOL, highlighting a significant technical formation that could set the stage for a major ￰3￱ to Davis, Solana is currently developing a classic cup and handle pattern on its monthly ￰4￱ setup often signals the potential for a strong bullish breakout once the pattern ￰5￱ Reading: Solana (SOL) Declines Again – Is This A Dip Worth Buying For Recovery?

He further explained that the 1.618 Fibonacci extension level, which often serves as a key target during large upward moves, sits around $425. Adding to the bullish case, Davis noted that the monthly MACD indicator is also forming a golden ￰6￱ powerful technical signal typically marks the beginning of a sustained uptrend. Finally, with growing anticipation surrounding a potential Solana ETF approval, the analyst believes Solana could be on the verge of an exciting and rapid upward move, one that might redefine its position in the crypto market if the pattern unfolds as ￰7￱ Recovery Pushes Solana Back Into Profit Territory Crypto VIP Signal, in a recent update, highlighted a notable shift in SOL market structure following a sharp move below the $200 ￰8￱ drop triggered a wave of liquidations among high-leverage long positions, causing weak hands to be shaken out of the ￰9￱ correction, however, proved short-lived as buying pressure quickly returned, showcasing strong support and renewed bullish ￰10￱ Reading: Solana (SOL) Attempts Recovery – Yet Lacking Momentum Could Stall Bullish Breakout Following the dip, SOL rebounded impressively, allowing long positions to secure over 16% in profit from their initial entry ￰11￱ ahead, the analyst noted that Solana could be gearing up for a move toward the $250 resistance level, which stands as the next major hurdle for the bulls.

A successful break and close above this level could open the door for additional gains and confirm the continuation of the broader ￰12￱ terms of strategy, Crypto VIP Signal advised traders to maintain their long positions while implementing a stop-loss at breakeven to protect profits from any unexpected ￰13￱ bullish momentum returning to the market, careful position management could ensure traders remain well-positioned for the next potential leg ￰14￱ image from Adobe Stock, chart from ￰15￱