According to a recent NEWSBTC report, published on TradingView, Ted Pillows suggests that Solana ($SOL) could face a short-term dip before a significant rally.
Pillows' analysis points to a "cup-and-handle" pattern forming on Solana's monthly chart. While the overall pattern is bullish, the "handle" phase indicates a potential retrace to the $140-$150 range.
Solana is currently trading around $159, meaning it could see an additional drop of over 11%. However, if the price successfully breaks past the $235 neckline, Pillows projects a potential surge to as high as $1,000โa whopping 532.91% gain from today's prices.
This forecast comes as many investors are keeping a close eye on Solana, with several asset managers, including Grayscale and VanEck, actively engaging with the SEC regarding a potential Solana Spot ETF.