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- Solana retests cup-and-handle neckline, signaling potential breakout above $250 resistance.
- Ecosystem growth reaches record $9.215 billion TVL, boosting investor confidence.
- Strong momentum positions Solana for a rally toward the $400 target.
Recently, Solana (SOL) retested the neckline of a classic cup-and-handle pattern. This technical setup often signals a major rally. With growing momentum and an expanding ecosystem, Solana may be on the path to reaching $400.
#Solana Intermediate Target: $400 🚀🎯$SOL has successfully retested the neckline of the Cup & Handle pattern and looks poised for an upward move. pic.twitter.com/N7S8uyUWIQ
— Titan of Crypto (@Washigorira) December 15, 2024
A Bullish Setup with Strong Support
The weekly chart shows a clear cup-and-handle formation, a well-known bullish signal. The neckline of this pattern sits near the critical $250 level, which also aligns with the 100% Fibonacci retracement. This confluence strengthens the $250 mark as a major resistance level. Traders are eyeing this zone closely.
A breakout above $250 could trigger a strong rally. Recent price action also shows buyers stepping in at lower levels, confirming solid demand. Solana has outpaced Ethereum in this cycle, trading closer to all-time highs and reflecting strong momentum.
The market cap tells an interesting story. While Solana’s valuation sits above $100 billion, it remains far behind Ethereum’s $466 billion. This gap highlights room for potential growth, especially as Solana demonstrates faster recovery and resilience in the current cycle.
Growth in the Ecosystem Fuels Optimism
Solana’s ecosystem is thriving. Total Value Locked recently hit $9.215 billion, a new record. This represents 6.74% of TVL across all blockchains, showcasing significant traction. Developers are also flocking to the platform, creating innovative projects that strengthen the network.
The rapid growth in adoption and developer activity has fueled speculation about Solana’s future. Some believe it could eventually rival Ethereum as the leading altcoin. For now, the immediate focus remains on technical strength and market momentum.
A breakout above $250 could serve as a launchpad for the next big rally. With technical patterns aligning and demand increasing, the $400 target appears within reach. Solana continues to build momentum as a serious contender in the altcoin race.