Solana Falls 13%; Can It Recover From Analyst's $1,000 Prediction?

Solana (SOL) has been hit by the recent ups and downs in the cryptocurrency market. After a sharp rise in early 2024, SOL fell 13% last week, leaving investors worried about the future.

Technical analyst Patel thinks he may have finally figured out the future direction of this fast blockchain - and it has something to do with a cold drink. Patel found the famous "cup and handle" pattern when examining the SOL/USDT weekly chart, which is a bullish signal similar to a cup and its handle.

Patel said Solana's amazing rise and fall fell within the "cup" portion of the pattern, which started in mid-2021 and lasted until mid-2022. It has leveled off after the initial parabolic surge.

The most critical thing for SOL bulls is to break through the psychological resistance level of $200 to $225. If this resistance is breached, the beginning of a bullish comeback could be just around the corner.

$1.042 or $520: Patel’s lofty price target

Beyond the immediate hurdles, Patel’s research outlines two possible medium- to long-term price targets for SOL. First and foremost, a price target of around $520 would represent a significant recovery in price and take us back to the previous highs.

However, Patel continued. His second target, TP2, is an eye-popping $1,042, indicating his extreme optimism about the future. But reaching such a high price level depends on the handle construction being completed correctly.

In order to build momentum for a strong breakout, a pullback and more consolidation may be needed. #sol板块 $SOL