- Solana is testing the crucial $200 resistance level, with a potential breakout above it signaling a bullish move.
- A confirmed breakout above $200 could confirm the cup-and-handle pattern, setting up the possibility of significant upward momentum.
- The cup-and-handle pattern’s price target is determined by the depth of the cup, indicating further price gains if the breakout is successful.
The price of Solana remains at critical levels, which are expected to affect its next major directional movement. A breakthrough of the $200 resistance level would validate the technical formation that the market calls the cup-and-handle pattern. Such a potential breakout will establish conditions for major price acceleration across Solana.
What is the Cup-and-Handle Pattern?
The cup- and -handle pattern i s a widely recognized technical chart formation that signals bullish trends. It consists of two key phases: the cup, which represents a rounded bottom, and the handle, which forms after a small consolidation. Ali Charts analysis notes that if Solana can surpass the $200 resistance, it would confirm the completion of the pattern, suggesting the possibility of a sharp price rally.
Source: Ali Charts (X)Two important support and resistance points have been tested by Solana while it maintains its trading range. The cryptocurrency has demonstrated several attempts at surpassing the $200 threshold because this level stands as a vital point for future price movements. An official breakout beyond this price point would authorize a new bullish period for Solana because it would likely prompt a heightened purchasing force.
Solana Key Levels to Watch
The $200 resistance remains the key level to monitor. If Solana manages to break through, the next potential target would be higher price levels. The cup-and-handle pattern’s typical price target is determined by measuring the depth of the cup and adding it to the breakout point.
This price action correlates well with the possibility of this pattern developing on Solana. The level of $200 is important in deciding Solana direction’s direction since its price action stuck around it. A breakout above this level will confirm the formation of the cup and handle pattern to herald a major up move.
