We learned about SOL’s potential from Patel, a technical expert. He says that the way the market is set up right now is like a “Cup and Handle” shape. Patel looked at the SOL/USDT weekly chart and found that this bullish trend generally means that prices have reached a plateau after rising.
That area between $200 and $225 has been a big problem in the past, says Patel. Getting past that area is important for SOL’s comeback. What if this level is broken? It could be the start of a bullish rally with the goal of high prices.
Solana’s Price Goals, TP1 $520, TP2 $1,042
Patel’s predictions go even further, laying out two possible price goals for SOL. The first goal, TP1, at $520, is a return to the previous highs. The second goal, TP2, at $1,042, is a big one that depends on the consolidation phase ending.
Even though Patel is optimistic about the long term, short-term signs point to a negative outlook. The price of SOL is below its 100-day Simple Moving Average (SMA), and the Relative Strength Index (RSI) shows that the stock is oversold below 50%.
With funding levels testing as low as $118 or even $99. SOL could go down even more in the near future. If the trend changes, Solana could go above the resistance level at $140 and aim for higher goals like $160 and $188.
We can plan how to deal with SOL’s changing price on the cryptocurrency market thanks to Patel’s study. As long as Solana keeps going up and breaks through key support levels, things will look good, even though there are still short-term problems.
