Solana (SOL) Price Prediction: A Rare Breakout Pattern Emerges, Could Surge to $6000?

Solana (SOL) has retraced from yesterday's high, currently reported at around 190 USD during the Asian morning session today (24), temporarily falling below the key threshold of 200 USD. This has shaken recent momentum, but the rare chart pattern adds weight to Solana's long-term bullish price outlook, with expectations of a 30-fold increase.

Crypto analyst Trader Tartigrade has identified a large cup and handle pattern that can be traced back to 2021, and stated that with altcoins returning to the $200 level this week, a breakout is "imminent."

The neckline of this pattern is around $250, which is the last key resistance level between its potential target price of $4,800 to $6,000, representing a 3,000% increase from the current level.

(Source: Trading View)

Although this seems ambitious, Solana has yet to factor in several of its fundamental catalysts into the price, currently only facing retail-driven demand under the broader market tailwind.

As the deadline for the potential spot SOL ETF approaches on October 10, this situation may change, and if approved, the ETF could open the doors to previously untapped traditional investment markets.

This complements the "CLARITY Act," which is expected to be signed into law at the same time, releasing the demand from institutions waiting for regulatory clarity.

Nevertheless, Tardigrade points out that this pattern may take several years to reach its peak, referring to this type of trading as a "long-term investment."

SOL Price Prediction: How Much Longer Until the Breakthrough?

With the breakout of the ascending triangle formed since the market bottomed in mid-April, the rejection at $205 may be short-lived.

Although the momentum after the breakout is stagnating at this level, the pattern is expected to pump 54%, retesting Solana's historical high of around $297.50.

However, this bullish situation is currently testing the success or failure level, with an immediate support level of $185 serving as the last buffer, after which it may fall below the upper trend line of the triangle.

This will eliminate the possibility of the trend being a false breakout and reopen the formation for further consolidation, thereby delaying Trader Tartigrade's cup and handle breakout.

The signals from the momentum indicator are mixed. The RSI has retreated from the deeply overbought zone of 86 and has recovered to the neutral zone near 52, indicating a more stable foundation.

However, the MACD line has recently shown a death cross, falling below the signal line, which warrants caution. Although it is a lagging indicator, it may indicate that the short-term downtrend has not yet ended.

If the bullish trend proves to be a false breakout, then the next key level to watch is 165 dollars, as potential profit-taking and the turbulence of weak stocks will set a lower boundary.

(Source: Trading View)