Solana (SOL) is gaining attention from traders as its chart shows a 'Cup and Handle' formation, indicating a potential bullish continuation.
Technical Analysis and Current Situation
This technical structure was developed in 2021 during the previous trading cycle. In the subsequent bear market, the SOL price dropped below $10, but rebounded in 2023 to its current value. Currently, SOL is trading at $216, which is 6% higher than a week ago. Experts believe this pattern could push the token to levels between $400 and $500.
The Role of Staking in the Solana Ecosystem
Staking metrics show strong confidence in the Solana market. The total value of staked SOL exceeds $81 billion with approximately 407 million SOL held in staking contracts. This supports market stability and potential growth in prices.
Short-Term and Long-Term Perspectives
Short-term trends suggest more conservative outcomes, with potential short-term increases to $260. Long-term forecasts point towards retesting previous highs, reaching the $400-$500 levels. Increased ecosystem activity and the rise of memecoins support these forecasts. At the time of publication, SOL is priced at $214.57, reflecting a 38.27% growth for the month.
Solana remains one of the most popular digital assets, showing potential for future growth. Despite a slight decline in market cap, high network activity indicates strong market confidence.
