Solana’s (SOL) technical setup is hinting at a potential 1,600% rally for the decentralized finance (DeFi) asset amid a push to reclaim the $250 resistance level.
Currently, Solana is exhibiting a ‘cup and handle’ pattern—a historically bullish setup that often signals price breakouts, according to an analysis by prominent cryptocurrency on-chain analyst Ali Martinez shared in an X post on December 11.
This pattern indicates accumulation, with the rounded cup base reflecting consolidation as selling pressure eases and bullish momentum builds.
For Solana, this base formed between late 2022 and early 2024, marking a period of recovery and strength. The handle, characterized by a shorter-term pullback, aligns with Solana’s recent price movements, consolidating around the $250 resistance level.
SOL price analysis chart. Source: TradingView/Ali_charts
According to Martinez, the potential breakout sets the next target at around $4,000—a record high. The 1.618 Fibona
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