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>>SOL's price chart shows a potential "cup and handle" pattern, suggesting a possible price target of $425 and indicating a potential upward trend.

SOL's price chart shows a potential "cup and handle" pattern, suggesting a possible price target of $425 and indicating a potential upward trend.

crypthub

3 days ago

Solana Technical Analysis

Solana (SOL) is currently priced around $225, exhibiting gains of 1% in the last day and week. Traders are observing multiple technical patterns, including a potential cup and handle formation on the monthly chart, originating from 2021. Fibonacci extensions suggest potential price targets of $425 and $624 if this pattern confirms. The monthly MACD shows a bullish crossover indicating growing momentum.

Momentum and Pattern Confirmation

Charts also highlight an ascending triangle pattern, with resistance near $380, and the monthly RSI has crossed above its signal line. The ascending triangle pattern still needs confirmation through a close above the resistance. Lennaert Snyder noted a bounce from weekly support near $193, suggesting continued upward trend.

ETF and New Developments

Bitwise updated its Solana ETF filing, incorporating a staking feature and setting an annual fee of 0.20%. This move is seen as competitive and proactive, though SEC approval is still pending. Jupiter, a Solana-based DEX, plans to launch its own stablecoin, JupUSD, by the end of the year.