📣 Can Solana Price Hit $3,000? This Pattern Says It’s Possible

Uncover if ​​Solana price can break out from a cup-and-handle pattern and kickstart a rally to $3,000? Will SOL fundamentals support this?

Solana price breached key resistance levels recently after receiving a boost due to Bitcoin’s recovery. This outlook opens the path for a bullish outlook. As a result, analysts are suggesting that SOL’s bullish pattern could send it as high as $3,000 if it breaks out successfully. Could this technical formation mark the beginning of a historic rally for Solana?

🔸 #Solana Price Eyes $3,000 According to This Pattern

Crypto analyst Ali forecasts that Solana price may be gearing up for a significant rally. According to him he highlights a potential cup-and-handle formation on its chart. This technical pattern is often associated with bullish breakouts, hinting that SOL could target the $4,000 level in the near future.

The cup-and-handle pattern observed in SOL’s price suggests an accumulation phase followed by a breakout. Currently hovering near $216, Solana’s trajectory shows signs of consolidation near critical Fibonacci retracement levels. The analyst emphasizes that the $208-$240 range could act as a support zone, setting the stage for the next leg up.

If the pattern holds true, the Fibonacci extensions project potential resistance at $477, $1,367, and $2,279 before reaching the ambitious target just shy of $4,400. A move to this level would mark an extraordinary 1,861% increase from its current price, showcasing the potential power of this technical setup.

Solana’s recent momentum has also been fueled by a resurgence in on-chain activity and the broader crypto market’s bullish sentiment.

🔸 #SOL Technical Analysis: Forecasting Short-Term Targets

The SOL price is trading at $217.08 on January 4, 2025,making a surge of 5% in the past 24-hours and 17% in the past week. This aligns with other surge in the crypto market, with BTC edging close to $100k.