After an impressive 2024 showing, Solana has begun the new year in a similar fashion, building fresh bullish momentum. The Solana price performance has been scintillating since the turn of the year, mirroring the improving climate for the altcoin market.
Interestingly, Solana appears to only be at the start of what is being tipped to be a mega rally for the altcoin. According to a popular crypto trader on social media platform X, the SOL price looks primed for a rally to around $4,000.
Here’s How SOL Price Could Rally 1,700% In Coming Months
In a new post on the X platform, prominent crypto analyst Ali Martinez shared an exciting bullish prognosis that could see the Solana price soar by more than 1,700% over the coming months. This projection is based on the formation of the cup and handle pattern on the monthly chart.
As the name suggests, a cup and handle formation is a technical analysis pattern that resembles a cup with a handle. The cup takes the shape of the letter “u” while the handle usually drifts a little downward.
The cup and handle pattern is considered a bullish signal, which indicates that an upward trend is likely to continue. However, it is worth noting that the asset’s price needs to close above the upper boundary of the handle to confirm the bullish setup.
Source: Ali_charts/X
As shown in the chart above, the Solana price is yet to successfully close above the handle’s upper trendline, which borders around the $240 mark. While the altcoin broke out of the handle in early December, it has since returned underneath the $240 level.
According to Martinez, the Solana price could rally to a new all-time high of $4,000 if it successfully breaches the upper trendline of the handle at around $240. This represents a whopping 1,700% surge from the current price point.
In a follow-up post on X, Martinez revealed that the cup and handle pattern ranks third among the best chart formations, according to renowned trader Thomas N. Bulkowski. The technical analysis pattern has a 61% rate of meeting the price target.
Solana Price At A Glance
As of this writing, the price of Solana stands at around $216, reflecting an almost 5% increase in the past 24 hours. Meanwhile, the altcoin’s value is up by an impressive 17% in the last seven days.
The price of SOL hovers around the $218 mark on the daily timeframe | Source: SOLUSDT chart on TradingView
