Solana ($SOL ) Could See a 2000% Increase: Charts Indicate an Imminent Explosion!

The technical formation of Solana ($SOL ) appears to signal the arrival of a bull market. Can it achieve a 2000% growth?

Cryptocurrency analyst Peter Brandt noted that Solana ($SOL ) has formed a cup and handle pattern on the weekly chart. This pattern typically develops after the price undergoes a U-shaped recovery phase (similar to a cup) and then enters a consolidation phase resembling a handle.

The handle stage usually represents a hesitation period for investors assessing whether the upward trend will continue. This reflects the recent market psychology, as the price of $SOL has consolidated within the $100-$200 range since March 2024.

According to technical analysis principles, the cup and handle pattern is usually confirmed when the price breaks through the common neckline resistance (currently at $205) and rises to the maximum distance between the cup bottom and the neckline.

The discussed technical structure predicts a target price for SOL of around $4,500 by 2025-2026, representing an increase of over 2000% from current levels.

However, the historical success rate of the cup and handle pattern must also be considered. For example, a study by analyst Thomas Bulkowski analyzed 913 stock market cup and handle charts and found that 61% of charts with this formation reached their target. In other words, the cup and handle pattern does not always guarantee a complete upward movement.

Cryptocurrency analyst Tuna Kaya's analysis of $SOL on October 21 drew attention. Tuna Kaya stated that the resistance level of $163 has finally been broken. According to this analyst, SOL could reach a price range of $190-$200. Support areas to watch will be $163-$150 and $140. The most critical support range will be $126-$120.