Solana (SOL) Surges 4.55% as Analysts Predict 5X to 10X Bull Run

Solana (SOL), the sixth largest cryptocurrency by market capitalization, is showing signs of a potential major breakout, with analysts predicting significant upside if key resistance levels are surpassed.

As of June 10, SOL is trading at $158.20, marking a 4.55% increase in the last 24 hours. The token currently has a market capitalization of $83 billion.

On-chain crypto expert Ali Martinez has highlighted the potential for a substantial rally. In a post on X, Martinez stated, “Solana SOL breaking above $200 could catalyze a major 5X to 10X bull run!” His analysis suggests a classic cup-and-handle pattern forming on the long-term SOL chart, a setup that historically precedes powerful bullish moves if confirmed by a breakout.

At present, SOL faces key resistance at the $200 level. Clearing this level on strong volume would validate the pattern and open the door for significant upside, according to Martinez. Support remains strong around the $125–$130 zone, which has held firm on multiple tests this year.

Some market voices, however, are taking a more cautious approach. Crypto analyst AliferCrypto commented, “I agree with that cup, but measuring the target on log scale seems overreaching. I’d stick to a more conservative/realistic linear target, which would be ~$510.”

Despite the differing opinions, SOL bulls appear to be gaining momentum as the token edges closer to the critical $200 mark. Traders and long-term holders alike will be closely monitoring the situation in the days and weeks ahead for any confirmation of the breakout.

The cup-and-handle pattern is a well-known technical analysis indicator that often signals a continuation of an upward trend. This pattern forms when the price of an asset creates a "cup" shape, followed by a "handle" that resembles a downward drift before the price resumes its upward trajectory. The expert's analysis suggests that SOL is currently in the handle phase of this pattern, and a breakout above $200 could trigger a significant price increase.

The expert's prediction is based on technical analysis and does not take into account other factors that could influence the price of SOL, such as market sentiment, regulatory developments, or changes in institutional investment. However, the expert's analysis provides a compelling case for why SOL could experience a major price surge in the near future.

The expert's prediction is not the only bullish outlook for SOL. Other analysts have also expressed optimism about the potential for SOL to experience significant gains in the coming months. For example, some analysts have suggested that SOL could reach new all-time highs if it continues to gain traction as a platform for decentralized applications (dApps) and non-fungible tokens (NFTs).