Solana chart signals cupandhandle formation setting up SOL price for a possible 2000 surge

Solana (SOL) has the potential to experience a significant increase of more than 2,000% in the coming months, according to chart analysis. Often referred to as the “Ethereum killer,” Solana has already seen a surge of over 2,000% since hitting a low of around $10 in November 2022. Renowned analyst Peter Brandt has identified a cup-and-handle pattern on the weekly chart, indicating a potential breakout for Solana. This pattern involves a U-shaped recovery, or “cup,” followed by a consolidation period, or “handle.” The handle represents a moment of uncertainty as traders assess whether the upward trend will continue. Currently, SOL’s price has been consolidating within the $100-200 range since March 2024. As per technical analysis, the cup-and-handle pattern typically resolves when the price breaks above its neckline resistance, which is around $205 for SOL. If this breakout occurs, the target for SOL’s price in 2025-2026 could be around $4,500, representing a more than 2,000% increase from its current levels. However, it’s important to note that the cup-and-handle pattern doesn’t always guarantee the full upside move, as historical data shows that only 61% of these setups reach their expected targets. Additionally, there are further positive indicators for Solana’s price, including the potential for an altcoin season following Bitcoin halving events. In the past, the altcoin market has experienced significant growth after Bitcoin halvings, with SOL’s price surging by over 49,360% during one such period. Traders often shift their focus from Bitcoin to altcoins after Bitcoin rallies, as altcoins can offer higher percentage gains during bullish phases. It’s crucial for readers to conduct their own research and exercise caution when making investment decisions, as this article does not provide investment advice or recommendations.