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<p>In the crypto community, excitement is brewing over Solana’s (SOL) price action, particularly as it appears to be breaking out from a significant Cup and Handle pattern. Crypto Analyst, The Moon, highlights that this technical formation often indicates a bullish continuation, raising the prospect of substantial upside if a breakout occurs.</p>
<p>The chart reveals<a href="https://www.investopedia.com/terms/c/cupandhandle.asp" target="_blank" rel="noopener noreferrer nofollow"> the Cup and Handle formation,</a> where the “Cup” represents a rounded bottom that began around 2022. This phase features a gradual decline followed by a recovery, peaking at a resistance level near $202.74, with an important intermediate resistance at approximately $169.</p>
<p>Currently, SOL is trading around $166, and a breakout above the $169 resistance today could signal a major price surge.</p>
<p><em><strong>Read Also:<a href="https://captainaltcoin.com/is-kaspa-kas-price-dip-finally-over/" target="_blank" rel="noopener noreferrer nofollow"> Is Kaspa (KAS) Price Dip Finally Over?</a></strong></em></p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Solana</a> could go parabolic starting today! <a href="https://twitter.com/hashtag/Sol?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Sol</a> is breaking out of this MASSIVE Cup&amp;Handle pattern with the potential target of $370 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/qp31pbtJvS" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/qp31pbtJvS</a></p>— The Moon (@TheMoonCarl) <a href="https://twitter.com/TheMoonCarl/status/1848276853926064396?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 21, 2024</a>
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<p>The “Handle” portion of the pattern is characterized by a consolidation phase after the cup completes, taking the shape of a descending wedge. This consolidation suggests a period of indecision, but it also serves as a potential precursor to a breakout.</p>
<p>Key resistance levels are critical in this scenario. The aforementioned $169 and the peak at $202.74 have been significant hurdles for SOL in the past. Analysts note that if SOL can successfully breach the $169 level, it could lead to a rapid increase in price, possibly reaching $202.74 and beyond if that level is also surpassed.</p>
<p>The<a href="https://www.collinsdictionary.com/dictionary/english/bullish-sentiment" target="_blank" rel="noopener noreferrer nofollow"> bullish sentiment</a> is reinforced by the descending wedge observed in the handle, which is considered a positive indicator. The projected path drawn on the chart hints at a substantial move, with a target of around $370.</p>
<p>This figure suggests a potential increase of over 100% from the critical resistance level, should SOL manage to break and sustain its position above this zone.</p>
<p><em><strong>Read More: <a href="https://captainaltcoin.com/why-are-lumia-and-arpa-crypto-prices-going-up/" target="_blank" rel="noopener noreferrer nofollow">Why Are LUMIA and ARPA Crypto Prices Going Up?</a></strong></em></p>
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<p>In summary, the current analysis points to a strong possibility that Solana’s price could experience a parabolic rise, with the Cup and Handle breakout acting as a key catalyst.</p>
<p>The projection of reaching $370 aligns with the expected behavior of this pattern, where the measured move is determined by the depth of the cup added to the breakout point.</p>
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<p>The post <a href="https://captainaltcoin.com/this-solana-chart-suggests-sol-price-could-go-parabolic-starting-today/" rel="noopener noreferrer nofollow">This Solana Chart Suggests SOL Price Could ‘Go Parabolic’ Starting Today</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

This Solana Chart Suggests SOL Price Could ‘Go Parabolic’ Starting Today

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