Solana’s $6K Dream: A Cup-and-Handle of Hope? 🎩💰

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Key takeaways:

  • SOL price has climbed to a five-month high, which, in crypto terms, is like winning a lottery and then getting a raise. 🎉💸

  • Solana’s cup-and-handle pattern targets a SOL price of as high as $6,300. Oh, how the mighty… 🍵📉

Solana’s (SOL) price rallied 34% over the last 30 days, reaching a five-month high of $193 on Monday. 🚀✨

Solana is 35% below its all-time high at $295, and multiple analysts believe that the sixth-largest cryptocurrency will enter price discovery soon. Or, as I like to call it, “the wild goose chase.” 🦆📉

Solana targets $6,000 after bullish breakout

SOL price has already risen by over 2,400% since establishing a cycle low of around $10 in November 2022. In doing so, its price has painted a cup-and-handle pattern on multiple time frames. A masterpiece, really. 🎨📈

Crypto investor Robert Mercer shared a chart showing SOL seeking a breakout from a cup-and-handle pattern, signaling a massive upward move once it is confirmed. Or, as the rest of us call it, “a gamble with a 61% chance of success.” 🤷‍♂️%

A “textbook cup-and-handle on $SOL,” Mister Crypto said about Solana’s weekly chart, adding: “I’m bullish here.” Well, isn’t that the most thrilling statement since the invention of the wheel? 🧠⚡

“I’m bullish here.”

Popular crypto analyst Trader Tardigrade said Solana’s price has also formed a cup-and-handle pattern on the two-month chart over a four-year period, targeting $4,800. “The breakout of the handle is imminent.” Imminent? Or just a hopeful guess? 🤔

“#Solana will reach $4,800 🔥

In a few years, this long-term investment could yield significant profits.
A cup and handle pattern has developed over 4 years on the macro 2-month chart.
The breakout of the handle is imminent.$SOL/M2 — Trader Tardigrade (@TATrader_Alan) July 21, 2025

The monthly chart shows that the price had broken above the cup’s handle at $155. The pattern will resolve once the price breaks above its neckline resistance at $250. If this happens, the price could rise by as much as the maximum distance between the cup’s trough and the neckline. Or, as I call it, “a Hail Mary pass in the crypto playoffs.” 🏈💥

That puts SOL’s cup-and-handle breakout target for 2025–2026 at around $6,300, up by more than 3,000% from current price levels. A 3,000% rise? I’m not sure if I’m excited or terrified. 🤯📈

However, it is important to note that a cup-and-handle doesn’t always guarantee the full upside move. A study by veteran analyst Thomas Bulkowski found that only 61% of these setups reach their upper targets. So, 61% chance of glory… or a 39% chance of a faceplant. 🎯💣

High network activity backs SOL price rally

Strong onchain metrics, indicative of an active ecosystem, support SOL’s potential to stage a parabolic rally over the next few weeks. Parabolic? More like “paranoid” if you ask me. 🤯

Daily active addresses have increased 9% over the last 24 hours, reflecting robust user engagement. While the number of daily transactions has resumed its parabolic rise from 2024, per data from Nansen. Parabolic? Again? 📈

Solana’s total value locked (TVL) has also risen to a six-month high of $10.3 billion on Monday from $6.1 billion on April 8, an increase of over 63% in 15 weeks, according to DefiLlama. A 63% increase? I’d say that’s a “solid” performance. 📊👍

Solana boasts its position as the second-largest blockchain in terms of TVL with a market dominance of 6.28%, behind Ethereum, which is roughly ten times bigger, comprising 68%. Ethereum, the old money, and Solana, the new kid with a flashy car and a questionable business plan. 🚗💼

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2025-07-21 18:59