The cryptocurrency market is gradually losing its bullish momentum, driven by the U.S. election boost. Amid the low volatility weekend, the Bitcoin price witnessed selling pressure at $77,000, signaling a post-rally pullback. However, crypto analysts believe the Solana price is poised for a major breakout from a bullish reversal pattern amid the TVL hike.
By press time, the SOL price had traded at $200.5 with an intraday gain of 0.45. According to Coingecko, the asset’s market cap surged to $94.58 Billion while the trading volume is at $4.3 Billion.
Analyst Predicts Solana Price Breakout Next Week, Targeting $400 Rally
This week, the cryptocurrency market experienced a massive inflow following Donald Trump’s victory in the 47th presidential election. As Bitcoin price hit a new high of $77,200, most major altcoins recorded a renewed recovery.
Thus, the Solana price records a sharp surge from $158 to $200, registering 28.8%. Crypto analyst Pentoshi highlights this recovery with a massive green candle in the weekly time frame chart, with a potential breakout coming next week.
The chart attached by the analyst illustrates the formation of a bullish reversal pattern known as the Cup and Handle. The chart setup typically begins with a rounded “cup,” where the price gradually recovers after a decline, forming a U-shaped curve. This is followed by the “handle,” a brief consolidation phase or slight pullback.
The Solana price prediction hints the buyers are 5.2% away from challenging the pattern’s neckline resistance at $210. A sustained breakout from the resistance will accelerate the recovery movement and end a multi-year accumulation.
SOL/USDT – 1d Chart | Pentoshi
The post-breakout rally could drive the SOL price 114% up to hit the $435 high.
SOL’s Growing TVL Highlights DeFi Revival and Price Momentum
According to DefiLlama, the SOL’s total volume locked (TVL) witnessed a renewed recovery from $5.94 Billion to $7.15 Billion, registering a 20% jump. The rise highlights an influx of capital into Solana-based decentralized finance (DeFi) protocols, suggesting increased user activity and trust in its network.
Generally, the price recovery backed by the TVL surge indicates a sustained recovery with the potential to drive an extended rally.
On the contrary, if Solana price experienced a renewed selling pressure at $210, the sellers could counterattack and continue the sideways trend.
The post Solana Price Gears Up for $400 Rally as Analyst Predict ‘Next Week’ Breakout appeared first on CoinGape.
