Can Solana (SOL) Price Really Surge Beyond $4000 This Cycle?

CryptosRus (@CryptosR_Us) has shared a bold price prediction on Solana’s (SOL) price trajectory. In a tweet, they reiterated their belief that Solana could hit $4,000 by the end of the current cycle, supported by a breakout from a Cup and Handle pattern. 

Analyst TATrader_Alan’s accompanying chart shared by CryptosRus further speculates that Solana might reach $5,000. Can it though?

Solana’s Cup and Handle Breakout Explained

The Cup and Handle pattern depicted in the shared chart highlights Solana’s bullish trajectory. The “Cup” phase, starting in mid-2022, marked a gradual accumulation period, with prices forming a rounded bottom. 

Moreover, this was followed by the “Handle,” a brief consolidation near $195, where Solana tested resistance before breaking out. The breakout above $195 confirmed the bullish trend, with the level now acting as support. 

This critical resistance-turn-support shift has set the stage for further upward momentum. Key support levels evident during the formation include $145 and a range around $100-$110, indicating areas to watch if prices retrace.

Price Targets Backed by Chart Patterns

The Cup and Handle’s depth offers a price target of approximately $380, derived by adding the pattern’s depth ($185) to the breakout level of $195. However, the tweet’s mention of a potential $5,000 price relies on broader market sentiment and parabolic movement. 

Intermediate targets of $400-$500 appear more achievable in the short to medium term, offering a steady climb before attempting loftier goals.

Read also: Uniswap (UNI) Price Shows Bullish Potential After Recent Correction – Here’s the Outlook

Volume and Momentum Indicators

Volume analysis highlights the breakout’s strength. Solana’s price surge post-breakout was accompanied by heightened trading volume, validating the bullish move. For the rally to continue, sustained volume expansion will be necessary.

The long-term trend remains positive, supported by Solana’s strong price action and the ongoing bullish sentiment. Solana is trading at $235.18 as at publication reflecting its resilience despite short-term swings.

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