CaryptosHeadlines Media Has Launched Its Native Token CHT.
Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT.
Join the Airdrop at the official website,
CryptosHeadlinesToken.com
Solana (SOL) currently displays a bullish cup-and-handle pattern, which normally anticipates substantial price escalation.
In line with this pattern, SOL is expected to break out and rise to the $3,800 price level.
Recent trading sessions show positive market responses as SOL entered a phase of strong momentum.
Cup-and-Handle Formation Signals a Bullish Trend For Solana Price
The cup-and-handle pattern is a popular chart pattern, proving that an extended bullish trend will continue.
Before the asset breaks its resistance level, the handle behaves as a brief stabilization point.
Since the price recovery started, Solana’s cup-and-handle formation has developed during the previous two years following its 2022 growth decline.
The short-term corrective phase, known as the handle, will finish, suggesting an upcoming price breakout.
According to experts’ charts, for Solana (SOL) price around $123 is a prime accumulation phase.
According to the chart, this price zone has held firm support after multiple tests confirmed it. If this level breaks, SOL will start a new bullish phase.C
The market price action points towards recovery with a likely upward trend that will take a long time before completing a significant breakout.
The analyst believes the picture should take the shape of a move above the resistance level and continue above higher price levels.
However, if bullish momentum keeps increasing, the chart breaks down a long-term rally for SOL towards the $500 range.
Technical Indicators Showing Breakout Attempts
Solana’s price trend demonstrated robust bullishness earlier, reaching $133.01 with an 8.66% daily market increase.
However, it now exhibits on a downtrend showing a 4.97% loss and was trading at $129.19
Investor interest has somewhat declines with its market capitalization standing at $65.87 billion.
The cup-and-handle pattern supports further price growth based on current market developments.
The potential price direction depends heavily on how well the price resists points it reached in the past.
In previous upward push attempts, the cup neckline was a central blocking mechanism to prevent price escalation.
SOL will validate the pattern formation when it surpasses resistance at $124 with solid trading volume. This opens new pathways for upward price moves.
The previous opposition value of $125 has transformed into an established level of support for upward price movement after the change.
Solana price faces important resistance marks at $150 and $180 before reaching the psychological level at $200.
The Ichimoku Cloud assessment indicates Solana stays beneath the cloud region.
The present market orientation continues its downward trend. SOL attempted to break out of its current patterns when it moved toward testing the lower limit of the Ichimoku cloud boundary.
The price of achieving a closure area above the cloud would verify the evolution of the potential bullish trend.
The blue line Tenkan-sen and red line Kijun-sen show upward momentum, which points to an early changing market direction.
The Money Flow Index (MFI) shows 65.26 points, indicating rising buying pressure despite not reaching overbought conditions yet.
The price movement during this time corresponds with the recent market monetary adjustment, demonstrating increased control by purchasing actors.
A value of the MFI higher than 80 may signal an upcoming correction phase.
Verifying the cup-and-handle pattern will create a robust basis for more price appreciation.
The data shows that when an asset surpasses the resistance area of such a pattern, an accelerated phase of price exploration begins.
The targeted growth to $3,800 presents an ambitious figure, yet historical crypto market trends show that well-formed breakouts frequently bring substantial exponential increases.
