Solana price could jump to $8,000

The weekly chart shows that the price of Solana has been in a remarkable comeback after bottoming at $7.65 in 2023 as the FTX crisis was continuing. With the crisis now behind us, there are chances that the coin is about to stage one of the top rallies in the crypto industries.

That’s because it has been forming a cup and handle pattern, which is a popular sign of a bullish continuation. This pattern is known like that because it has a close resemblance to a cup, which has a rounded bottom and a handle.

In this case, the upper side is $260, which is about 3,000% above the lowest level in 2023. To do a good SOL price forecast, you need to measure the 3,000% distance from $260. If this happens, it means that the coin will surge to $8,000.

The challenge with the C&H pattern is that it usually takes a lot of time. For example, it has taken three years for the SOL price to complete the cup section of the pattern.

At the same time, the coin has remained above the 50-week and 200-week moving averages, a sign that bulls are in control. Solana’s oscillators like the Relative Strength Index (RSI) and the Stochastic have continued rising in the past few months.

Additionally, Solana has moved above the ultimate resistance of the Murrey Math Lines, meaning that it has two more levels to climb: overshoot at $281 and extreme overshoot at $312. The upper side of this pattern is about 21% above the current level.

The bullish SOL price forecast will become invalidated if the coin drops below the weak, stop & reverse point at $218.