Solana Crypto Eyes $524 as Cup-and-Handle Pattern Signals Breakout

Solana ($SOL) crypto is gaining traction among analysts and traders as it gears up for a significant breakout. According to technical analysis by VipRoseTr, Solana has completed the cup-and-handle pattern, a reliable bullish continuation indicator.

With the price currently holding above critical support levels, major upside targets are set at $377.47, $451.30, and $524.25. This signals a substantial growth potential.

Cup-and-Handle Pattern Complete on Solana Crypto

Solana price has recently made a cup and handle pattern. It forms a rounded bottom commonly referred to as the cup. It is then then followed by a short consolidation period referred to as the handle. This pattern normally occurs when an uptrend continues and is amongst the most effective bullish patterns in the chart analysis.

Staying strong above the key $180 – $200 support level that has the 0.618 Fibonacci retracement level, Solana crypto has all the support it needs to push higher. According to market analysts this support level confirms the bullish setup. This means that the pattern could lead to the next leg up in Solana.

Price Targets Indicate Significant Upside Potential

According to VipRoseTr, there are three main price targets for Solana. These hint at the long-term bullish agenda of its setup.

The first target $377.47 is the first resistance level at which short-term traders are likely to take their profits. The second target is $451.30 which is the mid-term bullish indication that has appeared as Solana continues to strengthen its breakout.

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The last target, $524.25 shows that the potential of the cup-and-handle pattern is fully realized from the current price levels. The targets have been identified to be in confluence with Fibonacci extensions which adds credence to the ongoing bull run.

Key Technical Indicators Supporting Solana Crypto Rally

The underlying structure of Solana crypto also makes it more probable for the price to rise even more in the near future. The ascending trendline has been set during the present uptrend, meaning that solana is continuing with its bullish pressure. For the upward movement to be sustained, trading has to stay above this trendline.

The volume trends also suggest that there is buying interest as analysts expect the volume to rise. It’ll happen in line with the breakout above the handle’s resistance. The higher lows and higher highs formation suggests that the market is quite bullish on Solana’s path to recovery.

Support Levels and Risks to Watch

Major support levels for SOL are still at $180 – $200. This has acted as a crucial zone in the past several days of sideways trading.

A break of this zone could negate the bullish scenario and open the door to further losses with $150-$160 acting as a floor and the 0.786 Fibonacci retracement level.

Nevertheless, factors such as fluctuation in the market and capital gains at better prices may momentarily put the rally on hold. Analysts warn that profit taking at $377.47 and $451.30 may result in a pull backs or consolidation, but if buying pressure persists, these are likely to be short.

SOL Price Performance

At the time of writing this article, Solana is trading at $216.73 which has risen by 1.82% in the last 24 hours.

Market capitalization increased to $ 104.65 billion compared to the previous year, with a growth rate of 2.05% which shows the confidence of investors.

Solana crypto, at the time of writing, recorded a trading volume of $3.35 billion. However, price had a 9.50% drop meaning a minor decrease in the amount of trading based on speculation.

Nonetheless, the current circulating supply of 482.9 million SOL tokens from a total supply of 591.47 million shows that the network is well utilized and adopted.