An analyst now predicts a massive Solana rally to $4,500, a 2,500% gain as it begins to form a bullish pattern at current levels.
Amid its recent bullish resurgence, Solana (SOL) has captured significant interest in the crypto community, with analysts projecting a potential surge of up to 2,500%.
Today, Solana reached a high of $170.50, marking a two-month peak as the bull market continues to expand.
Notably, on August 1, when SOL was last trading around the $170 mark, it subsequently fell to $110.61 by August 5.
Investors faced a challenging path over the following 11 weeks to return to these high levels, with the current rally reflecting a 55% rebound from the August low.
Analysts suggest that SOL could experience another 25X increase as the bullish trend gains momentum.
They highlight the formation of a “cup-and-handle” pattern on Solana’s price chart, a bullish signal indicating that the asset has completed its correction phase and is ready for a significant upward move.
In Solana’s case, the chart depicts a rounded “cup” that began forming in late 2021.
After a prolonged decline, SOL hit its lowest point in 2023 and has gradually recovered, completing the cup’s formation by early 2024.
The ongoing “handle” phase represents a consolidation period characterized by sideways price movement since reaching $206 in Q1.
According to analysts, this phase is nearing its end, suggesting a possible breakout.
If Solana successfully breaks through the resistance level of the handle, the cup-and-handle pattern could drive a price surge, potentially reaching $4,500.
From its current price of around $170, this ambitious target represents a staggering 2,547% increase.
However, some market observers argue that this price point is unrealistic, with platforms like CoinGecko suggesting that $450 is a more reasonable target for SOL.
Critics of the $4,500 projection point out that such a valuation would place Solana at over $2.11 trillion, nearly double Bitcoin’s market cap, raising doubts about the feasibility of such an optimistic forecast.
Additionally, some analysts argue that the identified cup-and-handle pattern does not sufficiently support the likelihood of a 25X surge for SOL.
But I’m curious to hear what you think — leave your thoughts below.
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