A trading expert has identified a technical setup that could see Solana (SOL) target the $4,000 mark as the decentralized finance (DeFi) asset continues to establish its price above the $100 support zone.
According to Ali Martinez, Solana has the potential to surge by a staggering 2,900%, pointing to the formation of a cup and handle pattern as a strong indicator of a bullish trend, he said in an X post on March 14.
Solana price analysis chart. Source: Ali Martinez
Martinez noted that since November 2021, Solana has experienced a U-shaped decline, followed by a level-off phase, which is now evolving into the pattern’s “handle.” This technical formation is often seen as a precursor to a major upward movement in price.
The cup and handle pattern is bullish, where the price forms a rounded bottom (the cup) followed by a consolidation phase (the handle). A breakout above the resistance level signals a potential rally. Martinez suggested that Solana could break the $200
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