Solana Shows Potential Multi-Year Cup and Handle Breakout Amid Whale Accumulation and Network Upgrade Plans
Main Idea
Solana shows potential for a multi-year bullish breakout, supported by technical indicators, whale accumulation, and upcoming network upgrades aimed at increasing block capacity.
Key Points
1. Solana's price action confirms a bullish 'cup and handle' pattern, with a breakout above the $195–$255 resistance zone and a projected target of $1,315.
2. Whale activity, including large SOL withdrawals from exchanges, signals institutional confidence in Solana.
3. Network upgrade (Improvement Document 0286) plans to increase block capacity by 66%, improving transaction throughput and reducing congestion.
4. SOL faces immediate resistance around $201.70, with maintaining above $195–$255 crucial for sustaining upward momentum.
5. Technical indicators, including RSI and moving averages, support the sustainability of the current upward trend.
Description
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