Solana ($SOL) Cup and Handle offers 65% Gain Potential

Taking a look at Solana on the Weekly timeframe, i've drawn out this cup and handle pattern:

As we can see here, the swing low of $8 to the swing high of $264 provides a measurement we can use from the recent low of $169. When we pair that with a fib extension we have a perfect 1.618 that aligns with this price target of around $400. Notice, however, that we also have another potential swing low and a 1.272 fib extension with a price target of around $350.

Given the bullishness of SOL, being the best crypto in the space, and the catalyst TRUMP has brought, introducing the general public to its fantastic user experience, low fees, and quick transfer speeds, the bull case for SOL is quite apparent.

Howevever, I would be remiss not to point out the bear case that is showing itself here. At least for the short term:

As you can see, this daily rising wedge has been forming since April. We've fallen out of it, bounced off the bottom, and rocketed back into it only to hit the top of the inside of the wedge at $295 and be rejected back below the previous ATH of $264.

I see the 200-day MA (Purple line) as my key support level to remain bullish, and has proved to be a strong buy level. I managed to catch it at $175 on the latest attempt to breach that led to a massive move to $295.

One should always consider both the bull and bear cases and manage risk accordingly.

This is for informational purposes only and not a suggestion or recommendation to buy or sell any asset or otherwise. You are responsible for your own decisions no matter where you get information. Never invest if you can't afford it and consider all investing gambling.

- Shadowfigure