After a formidable 2024 showing, Solana has begun the brand new 12 months in a similar way, constructing fresh bullish momentum. The Solana price performance has been scintillating because the turn of the 12 months, mirroring the improving climate for the altcoin market.

Interestingly, Solana appears to only be at the beginning of what’s being tipped to be a mega rally for the altcoin. Based on a well-liked crypto trader on social media platform X, the SOL price looks primed for a rally to around $4,000.

Here’s How SOL Price Could Rally 1,700% In Coming Months

In a latest post on the X platform, distinguished crypto analyst Ali Martinez shared an exciting bullish prognosis that might see the Solana price soar by greater than 1,700% over the approaching months. This projection relies on the formation of the cup and handle pattern on the monthly chart.

Because the name suggests, a cup and handle formation is a technical evaluation pattern that resembles a cup with a handle. The cup takes the form of the letter “u” while the handle often drifts a little bit downward.

The cup and handle pattern is taken into account a bullish signal, which indicates that an upward trend is more likely to proceed. Nevertheless, it’s price noting that the asset’s price needs to shut above the upper boundary of the handle to verify the bullish setup.

Source: Ali_charts/X

As shown within the chart above, the Solana price is yet to successfully close above the handle’s upper trendline, which borders across the $240 mark. While the altcoin broke out of the handle in early December, it has since returned underneath the $240 level.

Based on Martinez, the Solana price could rally to a latest all-time high of $4,000 if it successfully breaches the upper trendline of the handle at around $240. This represents a whopping 1,700% surge from the present price point.

In a follow-up post on X, Martinez revealed that the cup and handle pattern ranks third amongst the perfect chart formations, in keeping with renowned trader Thomas N. Bulkowski. The technical evaluation pattern has a 61% rate of meeting the value goal.

Solana Price At A Glance

As of this writing, the value of Solana stands at around $216, reflecting an almost 5% increase previously 24 hours. Meanwhile, the altcoin’s value is up by a formidable 17% within the last seven days.

The value of SOL hovers across the $218 mark on the each day timeframe | Source: SOLUSDT chart on TradingView

Featured image from Pexels, chart from TradingView