Solana (SOL) : 1-Hour Cup & Handle Breakout in Sight

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Overview :
A Cup and Handle pattern has formed on Solana’s (SOL) 1-hour chart, signaling a potential bullish breakout. This pattern often indicates continued upward momentum, making it an exciting setup for short-term traders.

Key Levels :
Resistance : $23.50 (Cup's neckline).
Support : $21.80 (handle's base).
Potential Target : $26.00 (based on the pattern’s projection).


Analysis :

Cup Formation :
SOL has created a rounded bottom, showing strong accumulation and bullish sentiment.

Handle Formation :
A slight retracement forms the handle, consolidating above support at $21.80.

Breakout Potential :
A breakout above $23.50 validates the pattern, targeting $26.00.
Failure to break the resistance may lead to a retest of lower support levels.

Pro Tip :

Wait for a confirmed breakout above $23.50 with increased volume before entering a trade. Set stop-loss at $21.50 to manage downside risk.

Conclusion and Advice :

The Cup and Handle pattern in Solana’s 1-hour timeframe presents a bullish opportunity with a target of $26.00. Patience is key—wait for confirmation before acting.

Short-term traders should ensure proper risk management, as invalidation of the pattern could lead to a pullback toward $21.80 or lower.