📣 Is #Solana Set For A Bullish Breakout? Analysts Eye $500
Solana (#SOL ) is trending among traders as its chart shows Cup and Handle formation, confirming the bullish breakout.
This technical structure was developed in the latter part of 2021 when the previous trading cycle was still active.
SOL price went under $10 in the following bear market. It bounced back in 2023 and rose to its present value.
Currently, SOL is trading at $216. That is 6% higher than the price 7 days ago, and 38% higher then the price from a week ago.
Experts believe this chart pattern may take the token to between $400 and $500 levels. This is s seen as a significant improvement.
The cup and handle formation on long-term charts has always worked as a bullish signal for the markets in the past.
🔸 Staked SOL Value Exceeds $81 Billion
Staking metrics also show that the confidence in Solana’s market has not been eroded, in fact, It is stronger than before.
According to Dune analytics, the total value of the staked SOL is greater than $81 Billion with roughly 407 million SOL tokens held in staking contracts.
Staking lessens the circulation of tokens and removes them from the market for a fixed period, a measure that helps to stabilize the market.
Consequently, it suggests that SOL can support price stability and growth. More so, there has been increased activity on the Solana ecosystem, primarily in the memecoin space.
Experts highlighted that the daily trading volumes of Solana network memecoins have risen to $1 Billion. The emergence of memecoins shows that use cases for tokens in the Solana network have broadened.
A higher turnover is generally considered to be directly proportional to the improved blockchain performance, which supports the optimism with regards to the token’s price movement.
🔸 Short-Term and Long-Term Perspectives on Solana
Short-term trends suggest a more conservative future for Solana. Moving to the hourly chart, technical analysts pointed out a bullish channel, which indicates an uptrend towards $260 in the shorter term.