A closely followed crypto analyst says that smart contract platform Solana (SOL) is potentially forming a bullish technical pattern that could see it surge by over 1,700%.
In a new strategy session, crypto trader Ali Martinez tells his 108,000 followers on the social media platform X that it’s possible the Ethereum (ETH) rival is forming a cup-and-handle pattern that could push it to astronomical levels.
“There’s a chance SOL is forming a cup-and-handle pattern, and it will reach $4,000!”
A cup and handle is typically observed when the price movement of an asset forms a “cup” pattern before printing a smaller “handle” structure which suggests consolidation prior to a potential breakout.
Solana is trading for $215 at time of writing, a 1.3% decrease during the last 24 hours. If Solana were to reach Martinez’s target price, it would represent a staggering 1,760% increase.
Moving on to the flagship digital asset Bitcoin (BTC), Martinez notes that Coinbase’s Premium Index – which tracks the price premium for BTC on Coinbase and therefore its demand in the US by proxy – suggests that institutional demand for the top crypto asset by market cap is ramping up in America.
“The Coinbase Premium Index recently hit -0.23%, a two-year low, but it’s now rebounding quickly. This signals growing institutional demand for BTC from US-based investors!”
Bitcoin is trading for $98,137 at time of writing, a marginal decrease on the day.
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