Ethereum

Solana

Value

Strong

Optimism

<ul class="wp-block-list">
 <li>Solana retests cup-and-handle neckline, signaling potential breakout above $250 resistance.</li>  
 <li>Ecosystem growth reaches record $9.215 billion TVL, boosting investor confidence.</li>  
 <li>Strong momentum positions Solana for a rally toward the $400 target.</li> 
</ul>  
<p>Recently, <a href="https://cryptonewsland.com/bullish-targets-for-sol-and-ens-pump-84-and-111/" rel="noopener noreferrer nofollow">Solana (SOL)</a> retested the neckline of a classic cup-and-handle pattern. This technical setup often signals a major rally. With growing momentum and an expanding ecosystem, Solana may be on the path to reaching $400.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/Washigorira/status/1868268266680115373
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-a-bullish-setup-with-strong-support">A Bullish Setup with Strong Support</h2>  
<p>The weekly chart shows a clear cup-and-handle formation, a well-known <a href="https://cryptonewsland.com/3-key-levels-to-watch-as-solana-nears-a-potential-bullish-breakout/" rel="noopener noreferrer nofollow">bullish signal</a>. The neckline of this pattern sits near the critical $250 level, which also aligns with the 100% Fibonacci retracement. This confluence strengthens the $250 mark as a major resistance level. Traders are eyeing this zone closely.</p>  
<p>A breakout above $250 could trigger a strong rally. Recent price action also shows buyers stepping in at lower levels, confirming solid demand. Solana has outpaced Ethereum in this cycle, trading closer to all-time highs and reflecting strong momentum.</p>  
<p>The market cap tells an interesting story. While Solana’s valuation sits above $100 billion, it remains far behind Ethereum’s $466 billion. This gap highlights room for potential growth, especially as Solana demonstrates faster recovery and resilience in the current cycle.</p>  
<h2 class="wp-block-heading" id="h-growth-in-the-ecosystem-fuels-optimism">Growth in the Ecosystem Fuels Optimism</h2>  
<p>Solana’s ecosystem is thriving. <a href="https://www.investopedia.com/total-value-locked-7486821" rel="noopener noreferrer nofollow">Total Value Locked</a> recently hit $9.215 billion, a new record. This represents 6.74% of TVL across all blockchains, showcasing significant traction. Developers are also flocking to the platform, creating innovative projects that strengthen the network.</p>  
<p>The rapid growth in adoption and developer activity has fueled speculation about Solana’s future. Some believe it could eventually rival <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> as the leading altcoin. For now, the immediate focus remains on technical strength and market momentum.</p>  
<p>A breakout above $250 could serve as a launchpad for the next big rally. With technical patterns aligning and demand increasing, the $400 target appears within reach. Solana continues to build momentum as a serious contender in the altcoin race.</p>   
<p>The post <a href="https://cryptonewsland.com/sols-cup-and-handle-retest/" rel="noopener noreferrer nofollow">SOL’s Cup &amp; Handle Retest: Is a $400 Target Within Reach?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

SOL’s Cup & Handle Retest: Is a $400 Target Within Reach?

Table of Contents

Crypto News Land

Other articles published on Dec 16, 2024

KaJ Labs Invests $100M to Bring AI to XRP Ledger

“Hawk Tuah” Girl’s $HAWK Memecoin Faces Backlash After Allegations of Insider Trading and Sniping

🚀 Shiba Inu Announces 300,000,000 SHIB Airdrop!

MicroStrategy’s Saylor Teases First Bitcoin Buy Over $100K

Reploy AI Announces the Release of Reploy 7b and Its $RAI Presale

XRP Collateralization Model Puts XRP Fair Market Value at $122,580

Join our free newsletter for daily crypto updates!