Solana (SOL) could rise more than 2,000% in the coming months based on favorable charting techniques.
The so-called “Ethereum killer” is already up more than 2,000% since hitting a cycle low of around $10 in November 2022. With this, the price trend has drawn what appears to be a cup and handle pattern during the week. This chart was discovered by veteran analyst Peter Brandt.
SOL/USD weekly price chart. Source: Peter Brandt
Solana in final stages of potential breakthrough
The cup and handle pattern occurs when price undergoes a U-shaped recovery that resembles a “cup” followed by a sideways period that looks like a “handle.”
Handles often indicate moments of indecision as traders gauge whether an uptrend will continue. This seems to be the recent market sentiment, with the price of SOL consolidating within a $100-$200 trading range since March 2024.
According to the rules of technical analysis, a cup handle pattern usually resolves when the price breaks above common neckline resistance ($205 for SOL) and rises by the maximum distance between the low point of the cup and the neckline.
SOL/USD weekly price chart. Source: TradingView
Accordingly, SOL’s 2025-2026 cup and handle breakout target is approximately $4,500, representing an increase of more than 2,000% from the current price level.
However, it is important to consider the historical probability of cup handle patterns.
For example, a study by veteran analyst Thomas Bulkowski, who analyzed 913 cup-and-handle trades in the stock market, found that only 61% of these setups reached their expected targets.
This means that cup-and-handle does not always ensure full upward movement.
The “altseason” of halving the pot could drive SOL prices.
More bullish clues for Solana historically come from hopes for an altcoin season (or altseason) following the Bitcoin halving event.
relevant: 3 Key Indicators Pointing to an ‘Up Season’ for Altcoins — Analyst
For example, the altcoin market traded sideways for two months following the Bitcoin halving in May 2020, but has since grown more than 1,950%. During the same period, the price of SOL rose by more than 49,360%.
SOL/USDT vs altcoin market weekly chart. Source: TradingView
A similar altcoin market boom occurred after the Bitcoin halving in 2016, but Solana did not yet exist at the time.
Historically, following a Bitcoin halving, traders often shift their focus from Bitcoin to altcoins.
source: X
As Bitcoin rises, the potential for higher returns may seem limited, especially for traders seeking larger returns. As a result, interest is focused on altcoins, which are smaller market capitalization assets that are more volatile but can deliver higher percentage gains during bullish phases.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.