Solana’s Price Could Surge to $425: Here’s Why
Solana’s price might be on the verge of a significant rally. A bullish cup-adn-handle pattern is forming on the monthly chart,hinting at a possible $425 target.
Recently, Solana’s price broke its higher-low structure on the daily chart. It fell nearly 25% from $253 to $190. Though, buyers quickly stepped in, showing strength. Despite this, the recovery didn’t reach the previous high, settling near $237. This suggests short-term bullish momentum is weakening.
But the medium-term outlook is still positive. Solana’s price is above the 20-day SMA, around $220. It’s also holding near $222. The price is respecting the ascending channel on the daily chart.
On the monthly chart, Solana is forming a cup-and-handle pattern. If confirmed, this could signal a new uptrend. The pattern’s breakout aligns with the 1.618 Fibonacci extension level, around $425.
The monthly MACD has also shown a golden cross. This indicates a potential shift from bearish to bullish momentum,supporting the $425 target.
While the near-term target is around $253,a larger breakout is possible if macro conditions align.
- Price broke higher-low structure but bounced off $190.
- Cup-and-handle pattern forming on monthly chart.
- MACD shows a golden cross, hinting at bullish momentum.
source: TradingView, @TheCryptoLark
