The Solana price has been in red-hot form over the past week, making a play for a new all-time high this weekend. United States President-elect Donald Trump successfully launched the Official Trump (TRUMP) meme coin on the Solana network, triggering the latest bullish momentum for the SOL token.
This recent burst of positivity has now pushed Solana into an exciting price setup, which could see its value skyrocket over the next few months. According to a popular crypto analyst on social media platform X, the Solano price could be on its way to $4,700.
Is SOL Price Gearing For A Parabolic Move?
Prominent crypto pundit Ali Martinez took to the X platform to an interesting update on the Solana price setup. According to the crypto trader, the price of SOL has just broken out of a bullish pattern, setting the stage for a parabolic move.
This bullish pattern is a cup and handle formation on the Solana monthly chart. As the name suggests, a cup and handle pattern is a technical analysis formation that looks like a cup with a handle. The cup typically is formed like the letter “u” while the handle is tilted a little downward.
The serves as a bullish indicator, suggesting that an upward trend is going to continue. To validate the bullish setup, though, the cryptocurrency’s price needs to close above the upper boundary of the handle.
