Solana Eyes $6,300 After Chart Pattern Signals Potential Breakout
Crypto Market Analysts See Bullish Cup-and-Handle Pattern Forming
Solana (SOL) is once again capturing the attention of crypto traders after forming a classic technical chart pattern that could pave the way for a rally toward $6,300 — a potential 3,000% gain from current levels.
The price of Solana surged by 34% in the past 30 days, hitting a five-month high of $193 on Monday. This climb coincides with rising network activity and a noticeable increase in user engagement.
A Textbook Cup-and-Handle Pattern
Solana has gained over 2,400% since its November 2022 cycle low of approximately $10. Analysts believe the price is now tracing a “textbook cup-and-handle” formation, commonly associated with long-term bullish momentum.
“A textbook cup-and-handle on $SOL,” said technical analyst Mister Crypto, expressing bullish sentiment.
Crypto investor Robert Mercer also shared a multi-timeframe chart showing the breakout attempt. Another respected analyst, Trader Tardigrade, noted the same pattern forming over a four-year period on Solana’s two-month chart, targeting $4,800.
The monthly chart indicates that SOL recently broke above the handle at $155, and analysts say a confirmation above the $250 neckline resistance could unlock the upside target near $6,300 by 2025–2026.
Yet, while the setup is bullish, historical data shows some caution. Research by veteran analyst Thomas Bulkowski reveals that only 61% of cup-and-handle patterns achieve their projected targets.
Network Fundamentals Support Price Action
Beyond technicals, Solana’s on-chain metrics are flashing green. In the past 24 hours, daily active addresses rose by 9%, while the number of daily transactions has continued its parabolic climb in 2024, according to data from Nansen.
Another key metric backing Solana’s strength is the total value locked (TVL) in the network. As of Monday, Solana’s TVL hit a six-month high of $10.3 billion, up from $6.1 billion on April 8 — marking a 63% increase in just 15 weeks, per DefiLlama.
Solana is now ranked second among all blockchains in terms of TVL, commanding 6.28% market dominance, trailing only Ethereum, which maintains a significant lead with 68%.
Ethereum daily active addresses and transaction count. Source: Nansen
What to Watch Going Forward
The next major resistance for SOL sits at $250, and a confirmed breakout could trigger a strong move higher. Still, market watchers caution that macro conditions, investor sentiment, and overall crypto volatility will influence Solana’s ability to sustain momentum.
While the current rally has strong technical and fundamental backing, traders are reminded that cup-and-handle setups are not foolproof. Those entering positions should monitor closely and manage risk accordingly.
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