Solana flashes a clear signal to hit $1,315 target
Main Idea
Solana (SOL) has broken out of a key technical formation, suggesting potential for a record high price of $1,315, with strong bullish momentum indicated by current trading metrics.
Key Points
1. Crypto analyst Ali Martinez identified a cup-and-handle formation in Solana's price chart, projecting a potential rise to $1,315.
2. The formation began after Solana's decline from 2021 highs, bottoming around $8 in late 2022, with recovery completing the cup by mid-2024.
3. Key resistance levels are noted at $380, $752, and $1,048 before reaching the $1,315 target, requiring a 630% rally from the current price of ~$180.
4. Solana's current price is above its 50-day and 200-day SMAs ($166.04 and $156.12, respectively), indicating bullish momentum.
5. The 14-day RSI at 57.16 suggests Solana is in a healthy range with potential for further gains.
Description
Solana ( SOL ) has broken out of a key technical formation that hints at the decentralized finance ( DeFi ) asset hitting a record high, with the potential to rally 630%. Technical indicators suggest the asset has moved above the bullish cup and handle formation, which now points to SOL reaching $1,315, according to crypto analyst Ali Martinez in an X post on August 9. A cup and handle is a bullish chart pattern where a rounded bottom (cup) signals accumulation, followed by a short dip or sidewa...
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