- Solana’s Cup-and-Handle Breakout Sparks $4,000 Price Target Amid Bullish Momentum
Solana ($SOL) has emerged as a standout performer in 2024, with its price surging over 200% year-to-date and its market cap crossing $100 billion. Crypto analysts now predict even greater heights for the token, projecting a potential long-term target of $4,000, thanks to a textbook “cup-and-handle” pattern formation on its multi-year chart.
Can Solana Achieve a 20x Rally?
Renowned crypto analyst Ali Martinez has forecasted a bullish trajectory for Solana, emphasizing the significance of its recent breakout. The ambitious $4,000 target, while long-term, reflects growing confidence in Solana’s ecosystem. Achieving this milestone would position SOL as a $2 trillion asset, rivaling Bitcoin’s current market capitalization.
In the near term, market experts believe Solana could hit $600 in the next bull run and $420 by Christmas. After peaking at $263 earlier this month, SOL retraced to $203 on December 10 but has since shown signs of recovery, trading at $219 at press time.
Analyst Optimism and All-Time High Projections
Crypto analyst Altcoin Sherpa predicts that Solana’s bottom formation is nearing completion, paving the way for a potential fresh all-time high. “Bottom formations are often violent events and take some time, but those who are willing to buy are rewarded,” Sherpa noted.
I think we bottom relatively soon. Bottom formations are often violent events and take some time but overall, those who are willing to buy are rewarded. See $SOL in April pic.twitter.com/z9XDfKjiyZ
— Altcoin Sherpa (@AltcoinSherpa) December 11, 2024
CryptoQuant’s heatmap analysis supports this optimism, positioning Solana as a leading altcoin likely to reach new milestones in the coming months. With its strong fundamentals and growing adoption, SOL is widely viewed as a candidate for outperforming its peers in the next bull run.
SOL ETF Approval Faces Regulatory Hurdles
Despite its bullish prospects, Solana’s journey toward institutional adoption faces challenges. A spot Solana ETF approval has yet to gain traction with the U.S. Securities and Exchange Commission (SEC). Analysts believe regulatory progress could accelerate after Paul Atkins assumes the SEC chairmanship in January.
Additionally, the potential policy shift under a Trump administration may provide a favorable environment for crypto ETFs. Several firms, including Bitwise, VanEck, and Grayscale, have filed for a Solana ETF, signaling strong market interest.
As Solana continues to navigate price volatility and regulatory hurdles, its long-term prospects remain firmly in the spotlight, with bullish sentiment driving optimism for a mega rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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