Solana Value Prediction: Will SOL’s 11.9% Weekly Momentum Carry It In direction of All-Time Highs?

Solana (SOL) has climbed 11.9% over the previous week, reclaiming the $180 zone and signaling renewed bullish momentum. The rally comes because the DeFi-focused blockchain breaks out of key technical buildings, elevating the query of whether or not patrons have the energy to push SOL again towards its all-time excessive close to $260 — and doubtlessly past.
A bullish “cup and deal with” sample, recognized by crypto analyst Ali Martinez on August 9, now tasks a possible transfer to $1,315 — a 630% surge from present ranges.

This sample started forming following SOL’s abrupt descent from its 2021 peak, bottoming at $8 in late 2022. Over the subsequent 12 months, costs steadily recovered, finishing the rounded “cup” construction by mid-2024. The “deal with,” a descending channel under $200, acted as consolidation earlier than this week’s breakout.

If Solana reaches the $1,315 goal, its market cap may method $710 billion, doubtlessly overtaking Ethereum because the second-largest cryptocurrency ought to ETH see restricted development. The key resistance ranges on the way in which up embody $380, $752, and $1,048.

Cup and Deal with Alerts Lengthy-Time period Upside

The cup and deal with is a widely known bullish chart formation in technical evaluation. It displays robust accumulation, a quick consolidation, and a breakout continuation.

For SOL:

• Cup depth: $8 low to $200 excessive
• Deal with: Descending channel beneath $200
• Breakout set off: Transfer above $200 on robust quantity
• Targets: $380, $752, $1,048, and $1,315

Traditionally, such patterns can result in prolonged rallies, however success hinges on sustained shopping for quantity and broader market help.

Solana (SOL/USD) Technical Outlook and Commerce Setup

On the 4-hour chart, Solana worth prediction appears bearish. SOL faces a key downward trendline resistance intersecting at $186.22. The 50-period SMA at $169.71 has supported the rally from early August lows, with worth printing larger lows inside an ascending construction.

• RSI: 62.5, exhibiting bullish momentum with out overbought extremes
• MACD: Optimistic crossover above zero line, although histogram development is modest
• Candlestick conduct: Small-bodied bars with higher wicks at resistance — profit-taking indicators

Commerce setup:

• Bullish situation: A confirmed every day shut above $186 may open the way in which to $195.42 and $205.92, aligning with Fibonacci extensions.
• Bearish situation: A rejection at $186 may even see pullbacks towards $177.40 or $167.00, with the 50-SMA providing bounce potential.
• Danger administration: Stops under $177 for breakout longs, or above $187 for brief rejections.

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