- Solana’s Cup & Handle pattern suggests a possible parabolic move to $370.
- The Ethena community proposes integrating Solana into its USDe backing strategy.
- SOL holds $2 billion in open interest across major exchanges.
Solana’s native token, SOL, appears poised for a significant price jump, with a potential target of $370, according to a massive Cup & Handle pattern forming on the technical chart.
In the 1-day chart shared by a market analyst, the altcoin forms a bullish Cup & Handle pattern, indicating a potential parabolic surge. Breaking above the upper boundary of this pattern could trigger a significant price rally for Solana, driving SOL to a $370 price target. Market analysts believe Solana bulls may see massive gains if this bullish momentum continues.
Bitcoin’s Impact on Solana’s Price
While this prediction is optimistic for SOL, another market observer, Dan John, cautioned that the outcome hinges on broader market conditions. If Bitcoin (BTC) reaches $100,000, Solana could follow suit.
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However, if Bitcoin stagnates, the parabolic surge might not materialize in the near future. It’s important to remember that relying solely on technical indicators can be risky. Traders and investors should consider a variety of factors, including fundamental analysis and overall market sentiment, when making investment decisions.
Solana’s Growing Ecosystem and Ethena Integration Proposal
Meanwhile, the Ethena community has proposed integrating SOL into their USDe backing strategy. This would add SOL to Ethena’s hedging assets, which currently only include Bitcoin and Ethereum, further leveraging Solana’s growing ecosystem. While the process will start gradually due to SOL’s shorter trading history, the proposal demonstrates growing confidence in the token’s market potential. With current open interest in Solana across major exchanges at $2 billion, the token is becoming increasingly attractive to investors.
Traders and investors are closely watching Solana’s price action, as the technical chart suggests a promising bullish move with the potential to push prices to new highs. However, market participants need to manage risk carefully in the face of market volatility.
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