Solana could surge by over 2600%, reaching approximately $4500, if a “cup and handle” pattern materialises, according to technical analyst and Factor LLC head Peter Brandt.
#5$SOL displays possible Cup and Handle with rectangle as Handle
I am flat in this crypto pic.twitter.com/K0eRxs2aOd— Peter Brandt (@PeterLBrandt) October 21, 2024
Since hitting the cycle low near $8 in November 2022, the asset has appreciated 20.5 times.
The “cup and handle” pattern develops when the price undergoes a U-shaped recovery, resembling the first component of the figure, followed by the formation of the second through a period of consolidation. The model indicates a period of sideways movement in a narrow range, often preceding a major bullish breakout.
The “handle” signals indecision as traders assess the potential for the uptrend to continue. Since March 2024, SOL has been consolidating within the $100-200 range.
According to technical analysis rules, the pattern is confirmed if the resistance at the neckline of $205 is broken.
In this scenario, a rise equal to the maximum distance between the cup’s trough and the neckline can be expected, suggesting growth to the ~$4500 area in 2025-2026.
Another technical analysis expert, Thomas Bulkowski, calculated that the expected target was reached in only 61% of the 913 episodes he identified.
Trader Aditya Siddhartha Roy noted the conditions for altcoin growth, which always emerged after a halving. This is explained by the market’s shift from Bitcoin, which possesses relatively moderate price increase potential post-event.
Reviewing past halving cycles and their impact on dominance can offer clues
~Patterns from previous years may repeat, providing a predictive framework for anticipating ALTSEASON— Aditya Siddhartha Roy❁ (@Adityaroypspk) October 20, 2024
Previously, Standard Chartered predicted a fivefold increase in Solana if Republican candidate Donald Trump wins the US presidential election.
According to Bloomberg analyst Eric Balchunas, the likelihood of SOL-ETF registration in the US in 2024 is zero, as is the case for 2025. Only a change in leadership at the SEC could alter the situation.
Earlier, the media reported a list of candidates for the head of the agency in the event of Trump’s victory.