Crypto Analyst Predicts Solana Cup-and-Handle Pattern: Bullish Chart Emerges!

Solana Cup-and-Handle Pattern Hints at $3,800 SOL Target: Too Good to Be True?

Crypto researcher Ali speculates that Solana, the sixth-biggest cryptocurrency in terms of market capitalization, would be developing a traditional cup-and-handle. There is a rounded bottom (“cup”), a modest downward drift (“handle”), and a possible breakout in this bullish technical formation. Ali shared a screenshot of the SOLUSD weekly chart with his tweet, showing a “cup” with a rounded bottom and a “handle” that was still developing.

If this tendency holds true, Ali continued, this arrangement might push Solana closer to $3,800. This aim, at $125, is a huge 2,940% increase over Solana’s current costs. In the short term, this prediction may seem unrealistic, but as cryptocurrencies gain popularity, there is still hope for the medium to long term.

Solana Crashes 50% From Peak: Can It Recover After the Death Cross?

After plunging for five straight days since the weekend, Solana prices dropped to $112 on Monday, their lowest level in almost a year. SOL, which was caught up in the larger cryptocurrency downturn of the previous two months, was last trading at about $128.98, down 3.67% on the last day but still less than half of its peak hit in January.

A new technical development on Solana’s daily chart is raising concerns among traders, even if the cup and handle formation if confirmed, indicates a positive long-term outlook. Solana’s daily chart just displayed a death cross, which happens when the 50-day moving average drops below the 200-day moving average.

For more up-to-date crypto news, you can follow Crypto Data Space.