Solarium (CRYPTO:SOL) could be on the cusp of a massive rise in its price, according to recent technical analysis that has caught the attention of Cryptocurrency investors.
What happened
According to Cointelegraph, Solana could see a notable price increase based on a chart pattern known as “cup and handle.” This pattern, identified by the experienced analyst Peter Brandtsuggests that SOL price could reach $4,500. The “cup and handle” pattern is characterized by a U-shaped recovery followed by a period of consolidation, visible on the weekly SOL chart since March 2024, with prices between $100 and $200.
SOL/USD weekly chart. Source: Peter Brandt
If this pattern is confirmed, SOL could see a 2,000% price increase by 2025-2026. However, Thomas Bulkowski warns that only 61% of these patterns achieve their goals. Furthermore, it is anticipated that an “altseason” could boost altcoins even further, as occurred after the halvings of Bitcoin (CRYPTO:BTC) in 2020 and 2016, when traders shifted their focus to altcoins seeking higher profits.
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Why is it important
Recently, the service Pump.Funbased on Solana, has generated record income of 1 million SOL in commissions, reflecting an increase in address activity. This service allows the creation of tokens at low cost, capitalizing on the growing demand for memecoins.
Additionally, the investment management company VanEck has recently introduced staking functionality on its Solana ETN in Europe, increasing SOL’s appeal to investors. This feature is based on Solana’s Delegated-Proof-of-Stake (DPoS) mechanism, where validators secure the network by binding tokens.
With the cryptocurrency market gearing up for an uptrend, analysts are keeping an eye on how Solana could compete with other leading cryptocurrencies like Bitcoin and Ethereum (CRYPTO:ETH) in this race for growth in the bull market.
Image: Solana Logo
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