solana (SOL), a prominent cryptocurrency in decentralized finance (DeFi), may experience a massive surge of over 1,800%, potentially reaching $4,700, according to a bullish technical analysis by Ali Martinez on January 18. The forecast is based on a breakout from a cup-and-handle pattern, a formation where a rounded "cup" is followed by a smaller "handle" dip, signaling consolidation before a price rally. When prices surpass the resistance level at the top of the cup, it typically triggers a significant upward movement. Solana’s breakout above $220 confirmed this bullish setup.

If SOL hits $4,700, its market cap would climb to $2.29 trillion, potentially overtaking Bitcoin (BTC) as the leading cryptocurrency, assuming minimal growth for BTC. This ambitious target aligns with increasing optimism in the broader crypto market, coupled with reports of a possible pro-crypto executive order by Donald Trump after his inauguration on January 20.

Short-Term Solana Price Outlook

Analyst Sheldon The Sniper highlighted a nearer-term target of $324, reflecting the 1.618 Fibonacci extension. If momentum continues, Solana could advance to $416, aligning with the 2.618 extension, and further to $504, corresponding to the 3.618 extension. He projects potential new highs in the $500 to $600 range if bullish momentum remains strong.