Solana’s SOL May See Further Gains Amid Cup-and-Handle Pattern and Rising Network Activity
Main Idea
Solana's SOL shows potential for further price gains due to a bullish cup-and-handle pattern and strong network activity, with analysts projecting targets up to $6,300.
Key Points
1. Solana's price has formed a cup-and-handle pattern, with a breakout above $250 potentially leading to significant upward movement.
2. Analysts suggest a 61% success rate for this pattern, with targets ranging from $4,800 to $6,300.
3. Solana's daily active addresses increased by 9%, and its total value locked (TVL) surged to $10.3 billion, a 63% rise over 15 weeks.
4. Solana is now the second-largest blockchain by TVL, holding a 6.28% market share behind Ethereum.
5. The combination of technical patterns and strong on-chain metrics supports a bullish outlook for SOL.
Description
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