Solana, the popular altcoin that everyone predicted would collapse after FTX’s sudden bankruptcy but has risen from the ashes, has stalled after reaching the significant level of 150 dollars earlier this week. However, an analyst suggests that Solana may be on the brink of a bullish breakout.
Experienced analyst Ali Martinez stated in an analysis from his X account that Ethereum’s biggest rival, SOL, could reach $4,500. The analyst made his bold prediction based on a cup and handle pattern.
According to the analyst, a cup-and-handle pattern is forming on the Solana chart, which could push the price of SOL up to $4,500. However, for this pattern to be confirmed, Solana will need to break through the resistance line in the handle and close weekly above this line. Therefore, the analyst does not provide a timeline for when the price of SOL might reach this target.
However, some analysts also believe that the price of Solana may struggle to increase in the near future due to negative funding rates, declining trading volume on social media, and reduced activity of memecoins, and Solana will undergo a consolidation process. Solana, which has decreased by 2.7% in the past 24 hours, continues to trade at $148.
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