Rally

bullish

Solana

<p>Top crypto analyst, Ali (@ali_charts), has spotted a cup and handle pattern on <a href="https://captainaltcoin.com/youtube-analyst-makes-urgent-solana-sol-price-prediction/" target="_blank">Solana’s</a> monthly chart, suggesting SOL could reach $4,000. The projection comes amid Solana’s strong performance in the crypto market.</p> 
<p>Moreover, ​​the accompanying chart provided a detailed projection, blending technical analysis with Fibonacci retracement and extension levels to outline potential price targets for SOL.</p> 
<h2 class="wp-block-heading" id="strong-sol-technical-formation-suggests-major-upside-strong"><strong>SOL Technical Formation Suggests Major Upside</strong></h2> 
<p>The chart analysis suggests that SOL’s price movement from mid-2021 to mid-2023 formed a rounded bottom, resembling a “cup” pattern. During this phase, the price bottomed just below the 0.236 Fibonacci retracement level at $18.19.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Solana</a> <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$SOL</a> will hit $4,000, based on this cup and handle pattern! <a href="https://t.co/dXZLI9urOh" target="_blank" rel="nofollow">pic.twitter.com/dXZLI9urOh</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1866610535971819992?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">December 10, 2024</a>
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<p>The subsequent horizontal consolidation phase between $120 and $260, described as the “handle,” is considered a continuation phase, setting the stage for a potential bullish breakout.</p> 
<p>The $260 level represents a key resistance point and the neckline of the cup and handle formation. A sustained breakout above this zone, confirmed by trading volume and monthly closes, could propel SOL to <a href="https://www.newsbtc.com/news/solana/solana-holds-steady-at-key-support/" target="_blank" rel="nofollow">higher price levels</a>.</p> 
<h2 class="wp-block-heading" id="strong-fibonacci-levels-and-projected-targets-strong"><strong>Fibonacci Levels and Projected Targets</strong></h2> 
<p>Ali’s chart utilizes Fibonacci retracement and extension levels to highlight crucial support, resistance, and potential price targets. Key retracement levels such as 0.618 ($68.78) and 0.786 ($123.44) played important roles during prior price movements. The chart outlines Fibonacci extension targets at $670.43 (1.272), $2,236.35 (1.618), and $4,013.95 (1.786).</p> 
<p>As of now, SOL <a href="https://coinmarketcap.com/currencies/solana/" target="_blank">trades around $219.01</a>, within the handle consolidation range. The projected rally to $4,000 aligns with the 1.786 Fibonacci extension level, marking an 18x increase from the current price.</p> 
<p><em>Read also: </em><a href="https://captainaltcoin.com/this-chart-explains-why-the-render-price-could-be-ready-for-a-rally-to-13/" target="_blank"><em>This Chart Explains Why the RENDER Price Could Be Ready for a Rally to $13</em></a></p> 
<h2 class="wp-block-heading" id="strong-current-market-dynamics-and-trend-outlook-strong"><strong>Current Market Dynamics and Trend Outlook</strong></h2> 
<p>SOL’s price action reflects a clear bullish reversal since mid-2023, characterized by higher highs and higher lows. The handle consolidation suggests temporary market indecision, a common precursor to major price movements.&nbsp;</p> 
<p>However, for SOL to reach the ambitious $4,000 target, analysts stress the necessity of a surge in trading volume and sustained demand.</p> 
<p>Ali’s tweet has fueled optimism among SOL supporters while inviting skepticism from others due to the ambitious nature of the target. While technical analysis supports the possibility of such a rally, achieving this milestone hinges on favorable market conditions, including macroeconomic factors and sustained interest in <a href="https://solana.com/" target="_blank">Solana’s ecosystem</a>.</p> 
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<p>The post <a href="https://captainaltcoin.com/this-solana-sol-price-pattern-maps-rally-to-4000/">This Solana (SOL) Price Pattern Maps Rally to $4000</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

This Solana (SOL) Price Pattern Maps Rally to $4000

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