Solana (SOL), a popular smart contract platform, is catching the attention of crypto enthusiasts as it potentially forms a bullish technical pattern that could lead to a significant surge in its price. Renowned crypto analyst Ali Martinez believes that SOL may be in the process of forming a cup-and-handle pattern, which could propel its value to astonishing heights.
Martinez, who shared his insights with his 108,000 followers on the social media platform X, suggested that SOL could reach an impressive $4,000 if the pattern plays out as anticipated. A cup-and-handle pattern typically signifies a period of consolidation before a potential breakout, with the price movement forming a cup shape followed by a smaller handle structure.
Currently trading at $215, Solana has experienced a slight 1.3% decrease in the last 24 hours. However, if the price were to reach Martinez’s projected target of $4,000, it would mark an astounding 1,760% increase in value.
Shifting focus to the leading cryptocurrency Bitcoin (BTC), Martinez also highlighted the Coinbase Premium Index, which tracks the price premium for BTC on Coinbase and reflects institutional demand for the digital asset in the US. According to Martinez, the index recently hit a two-year low of -0.23% but is now rebounding swiftly, indicating a growing institutional interest in BTC among US-based investors.
As of writing, Bitcoin is trading at $98,137, showing a marginal decrease for the day. With both Solana and Bitcoin attracting attention for their potential price movements, the crypto market continues to be a dynamic and exciting space for investors and traders alike.
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(Source: Ali Martinez/X)
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