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Analyzing SOLANA/USDT: Bullish Cup & Handle Pattern Emerging
In the realm of cryptocurrency, analyzing charts is crucial for making informed investment decisions. One chart that’s catching the eye of traders is the Solana (SOL), which currently suggests a bullish outlook in the high timeframes (HTF).
Emerging Bullish Cup & Handle Pattern : The SOL/USDT chart is showing signs of an emerging bullish Cup & Handle pattern, often considered a precursor to significant upward price movement. According to my analysis, the Cup pattern appears to have completed, with the Handle in formation.
Optimal Entry Point : A potential buying opportunity lies in the handle’s formation. The handle’s bottom is expected to form around the $50 mark. If this pattern plays out, it could offer a prime entry point for accumulating SOL in significant quantities.
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Key Takeaways
- The Cup pattern is complete, and the Handle is forming.
- An ideal buying opportunity may arise at the $50 mark.
- After the handle pattern completes, SOL may experience a substantial upward move. Long-term projections point towards targets in the range of $500 to $1,000.
Current Market Levels
Strong Support: The $84/$46 zones provide strong support levels.
Resistance: $200 is the key resistance level to watch.
Market Update : Earlier, I had highlighted this pattern when SOL was trading at $190. With the current price now around $116, those who booked profits at the previous peak have made strategic gains.
Conclusion : While the current technical outlook on Solana suggests a bullish trajectory, especially after the formation of the Cup & Handle pattern, it’s essential to conduct your own research before making any investment decisions. The cryptocurrency market is volatile, and patterns may not always play out as anticipated.
Disclaimer : This article is not financial advice. Always consult a professional before investing in cryptocurrencies.
