Solana Poised for 76% Gain as Bullish Pattern Nears Completion

Solana, a prominent cryptocurrency, is on the verge of a significant bullish breakout, according to a recent analysis by a pseudonymous crypto analyst known as Martinez. The analyst, who has a substantial following of over 140,000, identified a long-term cup-and-handle pattern that has been developing since mid-2021. This pattern is widely recognized as a bullish continuation signal, characterized by a rounded bottom followed by a brief consolidation period.

The pattern's formation began with Solana's price dropping from a high of around $250 in November 2021 to a cycle low of $9.88 in December 2022. Subsequently, the cryptocurrency gradually recovered, reaching a similar peak by November 2024, thereby completing the cup portion of the pattern. The handle of this formation has been taking shape through a gradual recovery into late 2024 and subsequent price consolidation. The neckline of this formation is currently just above $170, a level that Solana is rapidly approaching.

Martinez highlighted that a decisive weekly close above this resistance level could trigger a substantial bullish breakout. Using Fibonacci extension levels, the initial target post-breakout is set at $295, representing a 76% gain from current levels. Longer-term targets range as high as $787, $1,314, and even $2,744, based on historical precedents of similar patterns. However, if Solana fails to breach the $170 level, it could lead to a pullback toward key support levels near $136 or potentially $100, both of which have historically served as accumulation zones.

Last week marked a strong bullish stretch for Solana, reinforcing the likelihood of a continued upward trajectory for the altcoin. The total stablecoin supply on the Solana blockchain has also increased from $10.5 billion at the beginning of July to $11.4 billion, an 8.5% rise. This influx suggests rising liquidity, which could support further trading activity and ecosystem expansion. Additionally, Solana demonstrated operational resilience as Pump.fun’s token sale generated $448 million on-chain via the network in just 12 minutes. This event served as tangible proof of Solana’s high-throughput performance, helping sustain the upward momentum in sentiment.

Solana-based memecoins such as BONK, TRUMP, PENGU, and FARTCOIN have also recorded notable gains in recent sessions, benefiting from Bitcoin’s surge to new all-time highs. As Bitcoin remains in price discovery mode, capital rotation into high-beta altcoins like Solana is likely to continue, further reinforcing upward price pressure.