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Solana is currently priced at Huge display area After the last Decrease over the past 48 hours That intersects with the entire cryptocurrency landscape. It is worth noting that technical analysis indicates that Solana’s price is trending upward The path to massive breakthrough This will cause its price and market value to rise by more than 1,700% in the near future.
This analysis is highlighted by the cup-and-handle formation that has persisted for over two years. according to Solana price analysis Shared on social media platform
The cup and handle pattern indicates bullish momentum
The cup and handle pattern is a classic technical analysis pattern that is often associated with a strong bullish breakout. This pattern, which is characterized by a rounded bottom (the cup) followed by a smaller low (the handle), is considered one of the most reliable indicators in technical trading.
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In Solana’s case, this pattern has been developing since 2022 through different market cycles. The cup phase began forming during the beginning of the 2022 bear market and extended throughout the entire ongoing downtrend. This period also covers the consolidation phase in early 2023 and the rally that occurred in the second half of the year. Together, these movements formed the rounded bottom of the cup, with the recent rally highlighted by a break above five consecutive Fibonacci extension levels.
Interestingly, Martinez’s analysis suggests that Solana is currently in the process of dealing with things for the past eight months or so. Currently, the recent price action has seen Solana price rise above the neckline of a cup and handle pattern, peaking with… All-time high of $263 On November 23. However, Solana price has been highlighted by a correction phase since it reached an all-time high, with a low of $205 in the last 24 hours.
Solana price implications
According to technical analysis, the all-time high on November 23 coincides with the 1.00 Fibonacci extension level when extracted from the 2022 bear market low of $8, which serves as the lowest point of the cup and handle pattern.
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However, a correction followed Since the all-time high Solana price saw a retest of the breakout level of the neckline of the cup and handle pattern. This retest is common in cryptocurrency markets, especially after long-term resistance levels are broken. With this in mind, Martinez expects a bounce at the neckline and a resumption of the uptrend.
Martinez’s forecast envisions a breakout above the next four Fibonacci extension levels until the 1.786 Fibonacci extension. If this path plays out in this way, it will push Solana’s price above multiple psychological thresholds, eventually crossing $4,000 at the 1,786 extension level, representing a 1,700% upside from Solana’s current price.
At the time of writing, Solana is trading at $219.
Featured image created with Dall.E, chart from Tradingview.com