Solana (SOL) is once again testing the critical resistance level around $250, aligning with the neckline of the "cup and handle" pattern. This technical setup often signals a potential significant rally. With growing momentum and a record-breaking ecosystem expansion, Solana could be on track to reach the $400 mark.

Technical Indicators Confirm a Bullish Signal

The weekly chart clearly shows a cup and handle pattern, a strong bullish indicator. The neckline of this pattern is located at $250, reinforced by the 100% Fibonacci retracement. This confluence confirms the importance of this level as a key resistance zone.

  • Breaking above $250 could trigger a strong rally.

  • Recent price action indicates increasing demand at lower levels, signaling confidence among buyers for further growth.

In this cycle, Solana has outperformed Ethereum and is trading close to its all-time highs, emphasizing its strong momentum.

Room for Market Cap Growth

With a market capitalization of over $100 billion, Solana still lags behind Ethereum’s $466 billion. This gap highlights significant growth potential, especially given Solana’s faster recovery and resilience in this market cycle.

Solana’s Ecosystem Growth Reaches New Heights

Solana’s ecosystem is experiencing unprecedented expansion. Its Total Value Locked (TVL) recently hit a record $9.215 billion, accounting for 6.74% of TVL across all blockchains.

  • Developers are increasingly turning to Solana to build innovative projects, enhancing the network’s appeal.

  • Rapid adoption and growth in developer activity fuel optimism about Solana's future.

Some analysts predict that Solana could eventually rival Ethereum as the leading altcoin.

The $400 Target in Sight

A breakout above $250 could serve as a springboard for further gains. With increasing demand and favorable technical indicators, $400 appears to be an achievable goal.

Solana continues to build strong momentum, solidifying its position as a serious contender in the altcoin race.

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