30s Summary

Solana (SOL) cryptocurrency experienced a rise of over 2000% since November 2022, largely driven by a “cup-and-handle” technical pattern. The pattern suggests a potential future rise of over 2000% to reach approximately $4,500, based on the trend line above its current resistance level of $205. However, it’s important to note that this pattern only reaches its expected targets 61% of the time. Additionally, a possible altcoin season following Bitcoin halving events could also contribute to SOL’s growth. Despite potential gains, investments should be approached with caution and thorough research.

Full Article

Solana (SOL) is upping its game! This crypt-currency, rumored to be the next big thing after Ethereum, may show a massive rise of over 2,000% in the next couple of months. Just to give you a bit of background, since November 2022, Solana has already boomed by over 2,000% from around $10. A technical pattern called the ‘cup-and-handle’, seen on SOL’s price trends, is to thank for this.

Just to simplify what’s going on here, a ‘cup-and-handle’ pattern is a ‘U’ shaped recovery in the price like a cup, followed by a pause or consolidation phase like a handle. This pause often represents a moment where traders contemplate if the positive trend will continue. Lately, this appears to be the thought process as we see SOL’s price hanging out in the $100-200 trading range since March 2024.

So, what happens next? Typically, a breakout from the ‘cup-and-handle’ pattern happens when the price goes above its usual resistance level (in SOL’s case, that’s $205) and ascends about the same height as the distance from the bottom of the cup to the neckline.

With this logic, SOL’s expected high for 2025-2026 is around $4,500, up by more than 2,000% from today’s price. But let’s not get way ahead of ourselves, we also gotta consider the odds. The ‘cup-and-handle’ pattern doesn’t always result in a major win – only 61% of them hit their expected targets.

Another plus for Solana comes from the general hope for an altcoin season that usually follows Bitcoin halving events. Post Bitcoin’s halving events, the potential for further high percentile gains for Bitcoin seems restricted, especially for those hunting for bigger returns. So, the focus usually shifts towards altcoins – essentially, smaller market cap assets that might be more unpredictable but can potentially offer larger percentage gains during bullish phases.

Remember, every investment has its own set of risks, so always do your own research before jumping in!

Source: Cointelegraph