Analyst Foresees 2,500% Solana Rally to $4,500 as SOL Forms Bullish Pattern Near $170

Amid its bullish comeback, Solana (SOL) has again become the center of attention in the crypto community, with an analysis projecting up to a 2,500% surge.

Today, Solana rallied to a high of $171.43, reclaiming a two-month high amid the expanding bull market. Notably, on August 1, when SOL was last seen in the $170 range, the price subsequently dropped to $110.61 by August 5.

Investors endured a challenging journey back to these high points over the 11 weeks that followed. The current comeback marks an impressive 55% rebound from the August low. Now, an analysis suggests that SOL could witness another 25X surge as the bull run gains momentum.

The analyst pointed out that Solana’s price chart has formed a “cup-and-handle” pattern, a bullish structure. This formation typically signals that the asset has completed a correction phase and is gearing up for its next major upward move.

Solana Set for 2,500% Rally to $4,500?

In Solana’s case, the chart shows a rounded “cup” that began forming in late 2021. After a prolonged period of decline, SOL bottomed out in 2023. Accordingly, it gradually recovered, completing the cup’s formation by the first quarter of 2024.

The “handle” phase, currently ongoing, is represented by a consolidation zone marked by sideways price action since hitting $206 in Q1. According to the analyst, this ranging phase is nearing its conclusion, and a breakout could follow.

Specifically, if Solana breaks through the handle’s resistance level, the cup-and-handle pattern could trigger a price surge, estimating a potential rally to $4,500. From Solana’s current price of around $170, this ambitious threshold amounts to a massive 2,547% growth.

Other Market Watchers Disagree

However, some market watchers have challenged this lofty price target. For instance, CoinGecko suggested that $450 is more realistic for SOL than $4,500.

Another dissenting voice regarding the $4,500 projection pointed out that at this price point, Solana would have a valuation of over $2.11 trillion, nearly twice that of Bitcoin, suggesting that such an outlook is unrealistic. Some have even argued that the highlighted cup-and-handle pattern does not support the likelihood of a 25X surge for SOL.