Uncover if Solana price can break out from a cup-and-handle pattern and kickstart a rally to $3,000? Will SOL fundamentals support this?
Solana price breached key resistance levels recently after receiving a boost due to Bitcoin’s recovery. This outlook opens the path for a bullish outlook. As a result, analysts are suggesting that SOL’s bullish pattern could send it as high as $3,000 if it breaks out successfully. Could this technical formation mark the beginning of a historic rally for Solana?
Solana Price Eyes $3,000 According to This Pattern
Crypto analyst Ali forecasts that Solana price may be gearing up for a significant rally. According to him he highlights a potential cup-and-handle formation on its chart. This technical pattern is often associated with bullish breakouts, hinting that SOL could target the $4,000 level in the near future.
The cup-and-handle pattern observed in SOL’s price suggests an accumulation phase followed by a breakout. Currently hovering near $216, Solana’s trajectory shows signs of consolidation near critical Fibonacci retracement levels. The analyst emphasizes that the $208-$240 range could act as a support zone, setting the stage for the next leg up.
If the pattern holds true, the Fibonacci extensions project potential resistance at $477, $1,367, and $2,279 before reaching the ambitious target just shy of $4,400. A move to this level would mark an extraordinary 1,861% increase from its current price, showcasing the potential power of this technical setup.
Solana’s recent momentum has also been fueled by a resurgence in on-chain activity and the broader crypto market’s bullish sentiment. Investors are closely monitoring these developments, as achieving these targets could place Solana among the top-performing assets in 2025.
SOL Technical Analysis: Forecasting Short-Term Targets
The SOL price is trading at $217.08 on January 4, 2025,making a surge of 5% in the past 24-hours and 17% in the past week. This aligns with other surge in the crypto market, with BTC edging close to$100k.
The Awesome Oscillator (AO) displays positive momentum, with green bars extending upward, indicating buyers’ increasing control. The Relative Strength Index (RSI) has entered overbought territory, sitting at 70. This suggests the market may witness a short-term cooldown before another leg upward.
A key resistance zone is seen at $225. Breaking this level could propel the Solana price forecast toward $263.83, a critical target ATH. Beyond that, the next psychological resistance stands at $300, aligning with a possible longer-term bullish trajectory. However if bears makes a comeback, the SOL price will break below the $200 support level.
The Solana price bullish momentum, fueled by technical patterns and market sentiment, positions it for potential highs. Achieving $3,000 depends on breaking key resistance zones and sustaining current positive trends.