A possible bullish breakout toward $400-$500 is indicated by Solana's cup and handle pattern.
With a stalled SOL value of more than $81 billion, selling pressure has been reduced and market confidence has been boosted.
As a result of the network's expansion, Solana meme coins are currently trading at a daily volume of $1 billion.
The Cup and Handle configuration on Solana's (SOL) chart confirms the bullish breakout, therefore it's little wonder the cryptocurrency is trending among traders.
This framework was created in late 2021, when the previous trade cycle was ongoing.
The subsequent bear market saw SOL prices drop below $10. It made a full recovery in 2023, when it soared to its current worth.
As of right now, SOL is selling for $216. The price from a week ago was 38% higher, and from 7 days ago it's up 6%.
This chart pattern has experts predicting a price range of $400–$500 for the coin. A substantial improvement, this is thought of by many.
On long-term charts, the cup and handle pattern has historically served as a positive signal for the markets.
Additionally, staking indicators demonstrate that trust in Solana's market remains high and is much greater than before.
Dune analytics estimates that there are 407,000,000 SOL tokens held in staking contracts, with a total staked value of almost $81,000,000,000.
Staking helps stabilize the market by reducing the circulation of tokens and removing them from circulation for a predetermined duration.
Hence, it implies that SOL may facilitate both price stability and development. Particularly noteworthy is the increase of memecoin-related activities on the Solana ecosystem.
According to industry watchers, the daily trading volume of memecoins on the Solana network has reached $1 billion. With the rise of memecoins, the Solana network has seen a widening of token use cases.
The positive outlook on the token's price movement is backed by the prevalent belief that a larger turnover is directly linked to enhanced blockchain performance.
Views on Solana in the Near and Far Future
Solana's future seems to be more conservative based on short-term tendencies. Technical experts have seen a bullish channel on the hourly chart, suggesting a short-term rally towards $260.
At shorter time horizons, a pennant breakout was seen, which matches to this aim. In addition, a different expert highlighted Solana's weekly performance, saying that it seemed quite positive.
In addition, he emphasized that the daily volume of meme currencies on the Solana network is above $1 billion, further demonstrating his preference for Solana in this round.
The bigger picture is that SOL might retest its ATH and go up to the $400-$500 region, according to the long-term charts. This is likely due to the technological formation and the increasing activity in the ecosystem, according to experts.
For this reason, Solana is a valuable tool for anybody keeping tabs on the cryptocurrency market. Also, following a monthly gain of 38.27%, the price of SOL is now trading at $214.57 as of this writing.
With a market valuation of $101.29 billion, it's little wonder Solana is one of the most valuable digital assets.
Despite a 1.11% drop in market value over the last 24 hours, SOL is still well-liked by investors.
The 24-hour trading volume of SOL is $6.63 billion, a decrease of 40.30 percent, suggesting that the market may be stabilizing after its recent rise.
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