Solana’s (SOL) price is set for a potential breakout as it edges closer to the $210 resistance level, with analysts predicting an impressive rally that could see the cryptocurrency surge to $400 in the near term. The bullish momentum, triggered partly by post-election optimism, signals a potential continuation of Solana recovery rally from $158 to $200, representing a recent 28.8% gain.
Solana’s Bullish “Cup and Handle” Pattern Hints at Breakout
SOL/USDT – 1d Chart | Pentoshi
Crypto analyst Pentoshi recently highlighted Solana’s bullish trajectory, sharing a weekly chart that shows a “Cup and Handle” formation—a classic bullish reversal pattern. This setup begins with a rounded “cup” phase, indicating recovery after a downtrend, followed by a “handle” phase, a brief consolidation or minor pullback before a potential breakout. With Solana now just 5.2% from testing the $210 neckline resistance, a breakout could catalyse a rally of up to 114%, pushing SOL toward the $435 level.
this is probably happening anytime from now or next week, either way. Matter of time imo
Insane chart https://t.co/XJ5xAPH4BW pic.twitter.com/iTZTfrYshY
— 🐧 Pentoshi (@Pentosh1) November 9, 2024
DeFi Revival Pushes Solana’s TVL to New Heights
Adding to the bullish outlook, Solana’s Total Volume Locked (TVL) has recently jumped from $5.94 billion to $7.15 billion, marking a 20% rise. This increase, as reported by DefiLlama, reflects renewed investor confidence in Solana-based decentralised finance (DeFi) protocols. A higher TVL generally signals stronger user activity, which can support sustained price momentum for SOL.
Potential Risks: Could Resistance Trigger a Pullback?
While the forecast is optimistic, resistance at $210 remains a critical hurdle. A failure to break through could see sellers regain control, prolonging Solana’s sideways trading pattern. Market conditions are key, with the overall crypto market seeing some slowing momentum.
