Solana’s Breakout from Cup and Handle Pattern Suggests Potential Resistance Tests Near $200
Main Idea
Solana is experiencing a bullish breakout from a cup and handle pattern, with potential resistance at $200 and further targets at $215 and $240, supported by technical indicators.
Key Points
1. Solana's breakout above $179.97 indicates bullish momentum, with key resistance at $200 and potential targets at $215 and $240.
2. The cup and handle pattern, forming since late 2021, suggests potential upward movement, with the cup rim at $295.11 as a major resistance level.
3. Technical indicators like RSI at 59.78 and MACD crossover point to strengthening upward momentum, though not yet overbought.
4. A confirmed move above $295.11 could align with measured pattern targets, with Fibonacci extensions suggesting a first target near $787.43.
5. Failure to clear the $190–$200 resistance zone may prompt profit-taking, potentially sending prices toward $170–$160.
Description
Solana is experiencing a bullish breakout from a cup and handle pattern, with immediate resistance at $200. Analysts predict potential targets at $215 and beyond. SOL’s breakout above $179.97 suggests
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