Solana (SOL) is showing signs of a massive potential price surge based on a classic bullish chart pattern. Recent technical analysis reveals that SOL could see a 26x increase, reaching up to $4,500.
Bullish Cup-and-Handle Pattern Signals Major Solana Price Increase
According to the weekly chart, Solana has formed a cup-and-handle pattern, a well-known bullish signal in technical analysis. This pattern suggests that SOL could rise by 2,600%, pushing its price to an astounding $4,500. The cup-and-handle formation indicates a continuation of an upward trend, which started before Solana’s price collapse following the FTX debacle in 2022.
Before FTX’s collapse, SOL was on track to surpass its previous all-time high (ATH) of $260. This potential surge, therefore, represents the continuation of a rally that began in 2022 but was temporarily derailed.
Other Bullish Patterns Support Long-Term Growth
Alongside the cup-and-handle pattern, other bullish signals are appearing for Solana. Crypto analyst Titan of Crypto has also identified a “bull flag” on Solana’s chart, another indicator that suggests further upward movement after consolidation. While Titan of Crypto predicted SOL could hit $1,400, the cup-and-handle analysis points to a much higher potential, with a target price of $4,500.
If these predictions hold true, the four-digit price range could mark the peak of this bull run, potentially arriving next year. In the shorter term, analysts expect Solana to move towards the $190 to $250 range by the end of this month, bringing it close to its current ATH of $260.
Solana Leads in Decentralized Exchange Volume
In addition to technical analysis, Solana’s strong fundamentals are also driving optimism. The Solana network has recently surpassed Ethereum in decentralized exchange (DEX) trading volume. According to DeFiLlama, Solana saw a 24-hour DEX volume of $2.17 billion, compared to Ethereum’s $1 billion. Over the week, Solana’s DEX volume totaled $12.8 billion, significantly outpacing Ethereum’s $8.8 billion.
This surge in DeFi activity on Solana strengthens the narrative that Solana could emerge as a major competitor to Ethereum in the decentralized finance space. While flipping Ethereum’s dominance is still a tall order, Solana’s growth in this market cycle is undeniable. Year-to-date, SOL has gained over 63%, outperforming Ethereum, which has seen a 17% increase.
