On December 11th, Thursday, the crypto market witnessed a notable inflow as Bitcoin reclaimed the $100k psychological level. The recent consolidation has bolstered the BTC and altcoin market to revive exhausted bullish momentum. Amid the anticipated uptrend, crypto analysts bet on Solana price for a high-momentum rally amid the formation of a cup-and-handle pattern.
Currently, the SOL price trades at $229.7 with an intraday gain of 7.5%. According to Coingecko, the asset’s market cap stands at $109.5 Billion, while the 24-hour trading is at $9.4 Billion.
Key Highlights:
- Crypto analyst prediction $4000 breakout rally for Solana price amid the compilation cup and handle pattern.
- The bull-flag pattern in the 4-hour chart drives the current post-rally correction in this altcoin.
- The anticipated uptrend in SOL coin could witness significant overhead supply at $650 and $2,200.
Cup and Handle Breakout Positions Solana Price for $4,000 Rally
In a recent tweet, renowned crypto analyst Ali Martinez shares a long-term prediction of $4,000 for SOL. This Solana price forecast is based on the formation of a classic reversal pattern called cup and handle, often interpreted as a precursor to substantial upward price movements.
The technical structure indicates a rounded bottom (the “cup”) followed by a slight consolidation or dip (the “handle”), suggesting bullish sentiment may be gathering momentum. Amid the November rally, the SOL price gave a massive breakout from the pattern’s neckline resistance at around $210.
In December, the crypto witnessed a post-rally correction as Bitcoin struggled to sustain above the $100k mark. The overhead selling has triggered a retest phase in Solana price to validate sustainability after the C&H breakout.
If the pattern holds, the analyst shares key resistance at $650 and $2,200 before hitting the $4k target.
Bull Flag Formation Set SOL for Next Leg of Uptrend
An analysis of a 4-hours chart gives a better understanding of the current retest phase. The current pullback in Solana price shows the formation of a bull-flag pattern, which follows the theory of post-rally correction to recapture the exhausted bullish momentum.
The SOL price is 3% down from challenging the flag resistance at $238. The potential breakout could signal the continuation of the prevailing uptrend.
On the contrary, if the downsloping trendline remains intact, the current consolidation could be prolonged.
Also Read: Bitwise Predicts Bitcoin Will Hit $200K; Also Shares ETH & SOL Outlook
