Solana price paints 'textbook' chart pattern for potential rally to $6K

Key Points

1. Solana's price has formed a 'cup-and-handle' pattern, with a breakout target of around $6,300, representing a potential 3,000% increase from current levels.

2. SOL's price has already risen 34% over the last 30 days, reaching a five-month high, and is 35% below its all-time high of $295.

3. Analysts note that Solana's strong onchain metrics, including a 63% increase in Total Value Locked (TVL) to $10.3 billion, support the potential for a significant price rally.

4. Historical data suggests that only 61% of cup-and-handle patterns achieve their full upside targets, indicating some uncertainty in the projected rally.

5. Solana is currently the second-largest blockchain by TVL, with a market dominance of 6.28%, trailing behind Ethereum.