Solana Up 17% This Week: Can It Reach $4000?

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Driven by significant whale purchases, Solana (SOL) rose 17.56% this week, breaking the $200 resistance level, with the current trading price at $216. Although the community is optimistic about SOL's long-term potential, achieving the $4000 target in the short term remains uncertain.

Recent Performance and Market Analysis

Analyst Ali Martinez points out that the SOL price chart may be forming a 'cup and handle' pattern, which is a strong bullish signal. Once confirmed, SOL could experience exponential growth, with a target price of up to $4000. However, the formation of this pattern requires time, and in the short term, market trends are more likely to be influenced by current capital flows and technical indicators.

Market Bullish Signals

Whale Purchases: Recently, whales withdrew $28.31 million worth of SOL from Binance, indicating confidence in future prices.

Bullish Dominance: Binance data shows that 72% of accounts hold long positions, and DyDx financing rates are positive, reflecting an optimistic market sentiment.

Key Price Levels: In the short term, SOL may test the $228 resistance level; if it breaks through, it could challenge $245 further. However, if selling pressure increases, the price may retreat to the $194 support level.

Short-Term Outlook and $4000 Possibility

Although SOL has upward momentum supported by retail and institutional buying, reaching $4000 in the short term remains unrealistic. This requires larger capital inflows and strong market drivers.

Summary

SOL may continue to rise in the short term, with target prices ranging from $228 to $245. However, $4000 is more likely a long-term vision, requiring sustained bullish sentiment and external positive support from the market. Investors should pay attention to key support levels and market dynamics, operating cautiously.

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