Solana +59% price rise confirmed! All set to reclaim ATHPopular layer-1 digital asset, Solana COINBASE:SOLUSD , looks ready to revisit its all time high, around $259.
My thesis is that Solana will continue to lead the charge this Crypto Bull Cycle, coming second only to BITSTAMP:BTCUSD .
Recall that in the last quarter of 2023 we saw the coin rally over 463% from mid-October to the end of the year. Over that same period Bitcoin only moved by just over 73%, whilst Ethereum BINANCE:ETHUSDT did about 57%.
At present, Ethereum is now only 22% from its all time high whilst Bitcoin has already created a new all time high. Meanwhile, Solana which is already proving to be a favourite for most retail traders and investors due to its cheaper transaction fees and faster speed is still a good 60% away from the ATH.
Going into the technicals, the price chart of the 4th highest ranked digital asset by Market Cap (when excluding stables) is showing a clear cup and handle on the higher timeframes as pictured below.
The handle is formed from another cup which itself seems to have another cup, a cup within a cup, within a cup…. the Cup n Handle Matrix lol
Overall, I think this setup creates a great opportunity for those wanting to shift their positions to capitalize on the potential for larger spot gain in a “blue-chip” Crypto and for those looking to trade it on Margin, Futures or Options too.
(If you found this valuable I’d appreciate it if you would consider following and boosting this trade idea, I’d also love to hear where you thinking Solana is headed and what coins I can look at next)
Happy Trading!
