The Solana price has significantly dipped below $250 this week due to a broader market correction and accelerating bearish momentum. However, the weekly chart analysis reveals a potential reversal pattern known as “cup and handle,” which might assist in driving an upward trend. Currently, the Solana price stands at $229 with an intraday loss of 2.14%.
The “cup and handle” pattern indicates that the Solana price could retest the key support level at $200. Despite the current bearish momentum, the Average Directional Trend (ADX) has dropped to 41%, suggesting temporary retracement and allowing buyers to revive the bullish momentum. If the bearish momentum persists, the Solana price might fall below the 20-day EMA and retest the $200 support level.
However, the current retracement is forming a well-known reversal pattern, which could drive the Solana price to surge past the $160 barrier and potentially target a $260 neckline. If this pattern holds true, the Solana price could potentially rise by 96% to reach the $510 mark, given the distance between the bottom of the cup and the neckline is the potential target for a post-breakout rally.
Source
<p>The post Solana Price Recovery: Cup and Handle Pattern Suggests $160 Surge After $200 Support Test first appeared on CoinBuzzFeed.</p>
