- A breakout from a cup-and-handle pattern signals Solana’s potential rise to $4,700, with a 28.85% weekly gain.
- Bullish chart patterns and strong growth in Solana’s market cap indicate a possible surge despite ETF approval uncertainty.
- With a $116B market cap, Solana may rally further, reaching $4,700 and solidifying its position in the crypto market.
Solana (SOL) recently came out of a cup-and-handle pattern and this has caused much buzz in the crypto space On the 18th of January 2025, Ali Martinez came up with a forecast that the price of SOL could rise to $4,700. Now standing at $239.52, Solana has appreciated by 28.85% in the past week and these trends have surely enthused the traders and the investors.
Solana’s Market Performance
Martinez’s analysis captures the bullish nature of this breakout as seen from the chart above. The analysis implies that SOL is ready to grow significantly and the price may reach $4,700 or even exceed it. Such projection is in line with SOL as the market performance of the platform is remarkable at the time of this writing with market capitalization surpassing $116 billion. If the current trend persists, Solana may well see a big surge in the coming months.
However, the price action does not guarantee SOL a clear path towards wider financial adoption. There were no approvals of Solana-based ETFs in late 2024 as the US SEC denied several applications regarding the same. But its bullish chart patterns may still remain an attraction for institutional buyers and traders.
The cup and handle breakout is associated with continued upsurge, so many are keen to see if Solana can continue in the same direction. If the price keeps going up, SOL may hit new all-time highs, and cement its status as one of the top coins on the market.
SOL’s Rising Adoption
The token also depicts the increasing adoption within the crypto market as it rises. With market cap predictions expected to soar, SOL has become a favorite among investors as they eye the protocol as one of the most important players in the space. It will be a target of $4,700 that has potential of being reached in the near future which can cause a shift in price action of the token and make it one of the popular cryptocurrencies.
However, the fate of Solana’s ETF approval remains unclear, therefore, based on the technical aspect and the bullish sign, token could witness further growth in the future. There is room for SOL to rally from the current levels to $4,700 in the overall cryptocurrency market to even signal the start of a much larger uptrend.