As a seasoned crypto investor with a keen eye for market trends and a knack for spotting promising opportunities, I can confidently say that Solana (SOL) could potentially skyrocket by more than 2,000% in the coming months. This prediction is based on a favorable chart technical analysis—the cup-and-handle pattern—as pointed out by veteran analyst Peter Brandt.
In the upcoming months, it’s possible that Solana (SOL) could experience a growth of over 2,000%, according to positive chart indicators.
Since hitting a low of approximately $10 in November 2022, the cryptocurrency often referred to as an “Ethereum competitor” has seen its value surge more than 2,000%. This significant increase seems to have formed a cup-and-handle pattern on its weekly chart, according to seasoned analyst Peter Brandt’s observations.
Solana in the final stage of potential breakout
A cup-and-handle pattern emerges as the price recovers in a U-shape, forming what looks like a “cup,” followed by a phase where the price stabilizes and narrows, resembling a “handle.
From my perspective as a researcher, I’ve noticed that the handle, or the period of indecision, frequently arises among traders when they ponder whether an uptrend will persist. This seems to be the current market psychology surrounding Solana (SOL), with its price fluctuating within the $100-$200 trading range since March 2024, suggesting a period of consolidation.
In the context of technical analysis, a cup-and-handle pattern usually concludes when the price surpasses the resistance level of its common neckline (which was $205 for SOL). Subsequently, the price may rise by an amount equivalent to or even greater than the maximum distance between the bottom of the cup and the neckline.
The projected cup-and-handle breakout for SOL in the timeframe of 2025-2026 could potentially reach approximately $4,500, which represents a substantial increase of over 2,000% compared to its present prices.
However, it’s important to consider the historical probabilities of the cup-and-handle pattern.
As a seasoned crypto investor, I’ve come across findings from a study conducted by Thomas Bulkowski, a market veteran, who examined 913 instances of cup-and-handle patterns in the stock market. Interestingly, this pattern, which many traders consider promising, only reached its projected targets about 61% of the time.
In other words, the cup-and-handle doesn’t always guarantee the full upside move.
Pots-halving “altseason” may propel SOL price
Further optimistic signals for Solana could stem from anticipation for a period known as ‘altcoin season’ or simply ‘altseason’, which tends to occur following Bitcoin’s halving events, suggesting potential price increases for alternative cryptocurrencies like Solana.
In other words, following the May 2020 Bitcoin halving, the altcoin market remained relatively stable for about two months, but then experienced significant growth exceeding 1,950% later on. During this same timeframe, Solana’s (SOL) price soared more than 49,360%.
After the Bitcoin halving events in 2016, a comparable surge in altcoins also took place. However, it’s important to note that Solana hadn’t been created yet during those times.
Traditionally, following the halving of Bitcoins, investors tend to divert their attention from Bitcoin towards other cryptocurrencies (altcoins).
After Bitcoin experiences a surge, it might seem like there’s less potential for significant additional percentage increases, especially for traders aiming for substantial profits. Consequently, the focus often shifts towards altcoins—these are lesser-known assets with smaller market caps that exhibit greater volatility but can potentially yield higher percentage returns during bull markets.
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2024-10-21 13:54