![\"Solana](\"https:\/\/pbs.twimg.com\/media\/G0o1OvtWkAAJvM5?format=jpg&name=4096x4096\")
<\/p>\nA cryptocurrency analyst has pointed out how Solana may be moving toward a sky-high main target based on a cup-and-handle breakout.<\/p>\n
In a new cup and handle” from technical analysis (TA).<\/p>\n
It’s made up of two parts: a U-shaped trendline forming the “cup” and a downward parallel channel representing the “handle.” As the asset moves through the pattern, it first goes through a decline to a low, then observes a rebound back to about the same height as before the drawdown. Finally, it once again witnesses a bearish trajectory, this time one consistent with a descending channel.<\/p>\n
When the price is inside the channel, the usual rules of the formation apply: the upper line acts as a resistance barrier, while the lower one provides support. A break out of the levels can imply a continuation of trend in that direction.<\/p>\n
A cup and handle is generally assumed to be a bullish continuation pattern, meaning that breakouts can be considered more probable to occur in the up direction.<\/p>\n
The same seems to have held true for Solana as well, as its 1-week price has just seen a surge beyond the resistance line of its multi-year cup and handle pattern.<\/p>\n
As displayed in the above graph, the weekly Solana price went down and up along a cup between 2021 and 2024, but this year, it entered into the handle or downward consolidation phase.<\/p>\n
After some period of stay inside the zone, the coin finally found a break away from it in July. This escape from the descending channel occurred with an upward surge, a potential sign that sustained bullish momentum may be coming for SOL, if the pattern is anything to go by.<\/p>\n
As for what could be a potential target for the cryptocurrency’s price, the analyst has suggested a rather bold one: $1,314.41. The target corresponds to a line from Fibonacci Extension levels.<\/p>\n
Fibonacci Extension levels are drawn on an asset’s price chart starting from a bottom point. Martinez has taken SOL’s cup low as the zero level. Each successive level corresponds to some percentage extension from this bottom, equal to a ratio from the popular Fibonacci series.<\/p>\n
The 1.414 Fibonacci Extension level lies at $1,314.41 for Solana right now. It now remains to be seen whether the coin will eventually surge to this mark, or if the breakout will fizzle out.<\/p>\n
Solana has performed better than most top coins over the past week as its price has surged by more than 17%, reaching the $238 mark.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
A cryptocurrency analyst has pointed out how Solana may be moving toward a sky-high main target based on a cup-and-handle breakout. Solana Is Breaking Out Of A Cup And Handle In a new cup and handle” from technical analysis (TA). It’s made up of two parts: a U-shaped trendline forming the “cup” and a downward…<\/p>\n","protected":false},"author":1,"featured_media":7126,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[205],"tags":[200,82,207,2366,214],"class_list":["post-7125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-sol","tag-solana","tag-solana-breakout","tag-solana-cup-and-handle","tag-solusdt"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/7125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=7125"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/7125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/7126"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=7125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=7125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=7125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}