Solana

<p><strong>Date:</strong> Mon, Oct 28, 2024, 11:53 AM GMT</p><p>As we enter the final week of October, the cryptocurrency market has shown signs of a bullish surge, with Bitcoin (BTC) climbing 2.40% in the last 24 hours and trading above $68,600. Riding along with Bitcoin’s momentum, Solana (SOL) has also experienced a notable rise, up 1.59% today and over 6% over the last week.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/54278358325a42208534c2e85dc1069a.png" />Source: Coinmarketcap</p><h2 id="header-0">Solana (SOL) Marks Highest Netflow</h2><p>Before diving into technical things, let’s examine Solana&#39;s recent on-chain activity. According to data from <a href="https://app.artemis.xyz/flows" rel="noopener noreferrer nofollow">Artemis</a>, Solana has become the top chain in terms of Netflow in the past 24 hour, recording a positive inflow of $11.9 million. This is based on total inflows of $21.6 million and outflows of $9.7 million. In contrast, Ethereum (ETH), Solana’s main competitor, saw a large NetFlow decrease of -$29.6 million. These figures suggest growing interest and liquidity movement into the Solana network.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/708ab972e6024ee282770ed6239a91c8.png" />Source: Artemis</p><h2 id="header-1">Cup and Handle Pattern: A Bullish Signal</h2><p>The recent price spike in Solana can be attributed to a technical pattern known as the <strong>Cup and Handle</strong>, which SOL is forming in sync with Bitcoin’s chart. The pattern, often seen as a precursor to a bullish breakout, is characterized by a rounded &#34;cup&#34; shape followed by a consolidation phase, or &#34;handle,&#34; which can signify an imminent upward move.</p><p>Crypto analyst <a href="https://x.com/HexaTrades/status/1850829917052895624" rel="noopener noreferrer nofollow">&#64;HexaTrades</a> shared their analysis of this pattern, pointing out its similarity in both Bitcoin and Solana’s charts. This alignment suggests that SOL could be preparing for a bullish breakout alongside Bitcoin.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/419f88cc6c964be6b79a7954a916cff1.jpeg" />Source: HexaTrades (X)</p><h2 id="header-2">Technical Analysis of Solana (SOL) and Bitcoin (BTC)</h2><ul><li><strong>Cup and Handle Pattern</strong>: Both Bitcoin and Solana have formed this classic pattern, indicating that an upward breakout could be on the horizon. This pattern is historically bullish and tends to lead to a continuation of the uptrend once the handle breaks out.</li><li><strong>Potential Breakout Levels</strong>: For Solana, the next significant resistance level lies around the $800 mark. If the handle breakout is confirmed, this could be a medium-term target for SOL. For Bitcoin, breaking out of the handle could lead to a move toward the psychological $100,000 mark.</li></ul><h2 id="header-3">Will Solana Fly with Bitcoin?</h2><p>The formation of the Cup and Handle pattern in both Solana and Bitcoin charts signals that these assets might be preparing for a major breakout. As Solana rides Bitcoin’s bullish wave, it is well-positioned to benefit from the increased interest and liquidity flowing into the cryptocurrency market. If the breakout materializes, Solana could be set for a significant rally in the coming weeks.</p><p>This setup suggests that Bitcoin’s momentum might carry over to other strong performers in the market, including Solana. Investors should watch for a confirmed breakout above the handle formation to validate this bullish outlook.</p><p><strong>Disclaimer</strong>: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.</p><p><strong>Also Read: </strong><a href="https://coinsprobe.com/top-political-memecoins-trump-and-maga-marks-double-digit-rally-heres-why/" rel="noopener noreferrer nofollow">Top Political Memecoins TRUMP and MAGA Marks Double-Digit Rally: Here’s Why.</a></p>

Is Solana (SOL) Ready to Fly Along With BTC? The Cup and Handle Pattern Suggests It Might

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