The $SOL /USDT 3-day chart is currently displaying a classic cup-and-handle pattern, a widely recognized bullish continuation signal. Recently, the price has broken above key resistance around $215, supported by the upward momentum of exponential moving averages (EMAs). The Relative Strength Index (RSI) is currently at 55.85, indicating there is ample room for further growth. Additionally, the volume profile suggests strong accumulation at lower price levels, reinforcing the bullish outlook.
The next potential target for SOL/USDT is $5,931.79, with minor resistance anticipated around the $300 mark. This technical setup reflects a high level of confidence in the sustainability of the current upward trend, suggesting that SOL may be on the verge of a significant long-term breakout.
SOL/USDT Chart and Market Context
Analyzing the broader market, the TOTAL3 chart—representing the total market capitalization of altcoins excluding Bitcoin ($BTC
) and Ethereum ($ETH )—displays a bullish flag pattern, signaling potential expansion for altcoins. Both the RSI and stochastic oscillators indicate positive upward momentum, supporting the view that altcoins, including SOL, are likely to experience growth.
SOL/USDT's breakout above the $216 resistance aligns with the broader bullish trends observed in the TOTAL3 chart. If the upward momentum in the broader altcoin market continues, SOL is well-positioned for a significant rally. The long-term target for SOL is projected to reach $5,931, in line with the overall market conditions.
Trade Details:
Entry: Around $197.96
1st Target Price (TP): $525.03
2nd Target Price (TP): $1,096.89
3rd Target Price (TP): $2,338.16
Both the SOL/USDT chart and the broader market analysis confirm a strong bullish bias for SOL's price action, suggesting that traders may want to consider entering this market for long-term growth potential.
