Solana seems ready for a bullish breakout up to $ 2,700 if it breaks above the neckline of a large cup and hand pattern, according to an analyst.
In a July 12 after On X, pseudonymous crypto analyst Martinez, who has more than 140,000 followers, identified a long-term cup and handle formation that has been taking shape since mid-2021.
The pattern, generally considered a bullish continuation signal, has a rounded soil (the “cup”) followed by a short consolidation (the “handle”) and usually precedes an outbreak above the neckline, the level of horizontal resistance defined by the edge of the cup.
According to the shared price diagram, Solana (SOL) dropped from a highlight of approximately $ 250 in November 2021 to a cycle of $ 9.88 in December 2022. It then recovered gradually and returned to a similar peak in November 2024, which completed the pattern’s beaking area.
Since then, a gradual recovery has formed the lever in the end of 2024 and the subsequent price consolidation. The neckline of this formation is now just above $ 170, a level of Solana is approaching quickly.
Martinez emphasized that a decisive weekly close to this resistance could cause an important bullish breakout.
With the help of Fibonacci expansion levels, the initial target post-breakout is set to $ 295, which represents a win of 76% compared to current levels, while in the longer term goals vary from $ 787, $ 1,314 and even $ 2.744, based on historical precedents of comparable precedents of comparable.
However, not breaking $ 170 can lead to a withdrawal to important support levels near $ 136 or possibly $ 100, both of which have served as accumulation zones.
In particular, a strong bullish piece for Solana meant last week, which reinforces the chance of a constantly upward process for the Altcoin.
Open interest in the Solana Futuresmarkt has risen near his all time, which points to the increased participation of traders and a growing conviction about future price valuation. At the same time, the weighted financing speed has remained positive for five consecutive days, a sign that long positions continue to dominate.
The total stablecoin range on the Solana -Blockchain has also risen from $ 10.5 billion at the beginning of July to $ 11.4 billion, an increase of 8.5%, according to Defillama facts. This inflow suggests the rising liquidity, which could support further trading activity and expansion of ecosystem.
Last week, Solana also demonstrated operational resilience when Pump.Fun’s token sale generated $ 448 million in chain in just 12 minutes via the network. For market participants it served as tangible proof of Solana’s high-throughput performance, which helped the upward momentum in sentiment.
In addition, Solana-based memecoins such as Bonk, Trump, Pengu and Fartcoin have included remarkable profits in recent sessions, which benefit from the rise in Bitcoin to new all-time highlights. Since Bitcoin stays in price mode, capital rotation in high-beta altcoins such as Solana will probably continue, which further strengthens the upward price pressure.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
