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Solana’s (SOL) Legendary Cup and Handle Pattern Shaping Up, Here’s Target
In a recent market update, we noted that the death cross had occurred on Solana’s daily chart, indicating growing weakness in the cryptocurrency’s price. However, it appears that the bears are not done yet as a cup and handle pattern is now taking shape.
The cup and handle pattern is a classic formation in technical analysis that often precedes a significant upward move. It consists of two main parts: the “cup” and the “handle.” The cup is characterized by an upside trend, followed by a reversal and a decline back to a lower price level. The handle refers to the subsequent rally towards the high made earlier.
In Solana’s case, we can see that the price began falling after reaching a new all-time high in early March. This downward movement has formed the “cup” part of the pattern. The “handle” is now being formed as the price attempts to bounce back and close above the neckline (a trend line connecting the highs and lows of the cup).
A breakout above this neckline would confirm the bullish reversal and target a new high around $225, representing a 40% increase from current levels. Additionally, the daily RSI has begun to rise again, which is an important sign of momentum building.
The price needs to close above the neckline to validate the pattern and create a buy signal. The potential profit zone lies between $160-$180, while any failure to confirm the breakout would result in further selling pressure.
Given that CME announced its intention to launch SOL futures contracts on March 17, it’s essential for investors to keep an eye on this development as it could impact market sentiment and potentially affect the price action.
Source: https://u.today/solanas-sol-legendary-cup-and-handle-pattern-shaping-up-heres-target
