Solana’s cup-and-handle pattern targets a SOL price of as high as $6,300.
Solana’s (SOL) price rallied 34% over the last 30 days, reaching a five-month high of $193 on Monday.
Solana is 35% below its all-time high at $295, and multiple analysts believe that the sixth-largest cryptocurrency will enter price discovery soon.
SOL price has already risen by over 2,400% since establishing a cycle low of around $10 in November 2022. In doing so, its price has painted a cup-and-handle pattern on multiple time frames.
Related: SOL news update: Will multi-exchange liquid staking trigger rally to $185?
Crypto investor Robert Mercer shared a chart showing SOL seeking a breakout from a cup-and-handle pattern, signaling a massive upward move once it is confirmed.
A “textbook cup-and-handle on $SOL,” Mister Crypto said about Solana’s weekly chart, adding:
“I’m bullish here.”
Popular crypto analyst Trader Tardigrade said Solana’s price has also formed a cup-and-handle pattern on the two-month chart over a four-year period, targeting $4,800.
“The breakout of the handle is imminent.”
The monthly chart shows that the price had broken above the cup’s handle at $155. The pattern will resolve once the price breaks above its neckline resistance at $250. If this happens, the price could rise by as much as the maximum distance between the cup’s trough and the neckline.
That puts SOL’s cup-and-handle breakout target for 2025-2026 at around $6,300, up by more than 3,000% from current price levels.
However, it is important to note that a cup-and-handle doesn’t always guarantee the full upside move. A study by veteran analyst Thomas Bulkowski found that only 61% of these setups reach their upper targets.
Strong onchain metrics, indicative of an active ecosystem, support SOL’s potential to stage a parabolic rally over the next few weeks.
Daily active addresses have increased 9% over the last 24 hours, reflecting robust user engagement. While the number of daily transactions has resumed its parabolic rise from 2024, per data from Nansen.
Solana’s total value locked (TVL) has also risen to a six-month high of $10.3 billion on Monday from $6.1 billion on April 8, an increase of over 63% in 15 weeks, according to DefiLlama.
Solana boasts its position as the second-largest blockchain in terms of TVL with a market dominance of 6.28%, behind Ethereum, which is roughly ten times bigger, comprising 68%.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
