$3,000 Solana? Price Run Possible If Bulls Defend This Level

Solana (SOL) lost 0.58% yesterday, retracing after its good weekly performance. As crypto prices rose, the cryptocurrency rose over 10% in the last week, sending its unit price beyond $160. Ali Martinez expects Solana to lead a parabolic rally under certain market conditions during the market cool-off.

Solana market says cryptocurrency is at a pivotal price point. The analyst identified a giant cup-and-handle pattern on the weekly chart, which normally heralds a huge price surge. However, the cryptocurrency confronts key price resistance near $170.

The cup-and-handle pattern is a bullish chart structure that often predicts large price increases. The chart below shows a teacup-shaped negative market followed by an equal-sized price rebound between 2022 and 2025.

Investors witnessed Solana prices fall from $250 to a cycle low of $9.88 before gradually rising to a comparable high, establishing the cup pattern. SOL has since witnessed major price corrections and recoveries, forming a descending price pattern that is the handle of this formation.

Note that the cup-and-handle pattern only causes a price increase when prices break above its neckline. Solana is within touching distance of its neckline at $170 after recent rises.

The chart's Fibonacci retracement and extension levels establish the first price objective at $295, matching the current all-time high, if this breakout occurs. The historical scale of cup-and-handle breakouts suggests stratospheric price goals like $787, $1,314, and $2,744.

If $170 is rejected, Solana may have to test lower support levels at $135 or $100, which has been a big demand zone