Bitcoin (BTC) and Solana (SOL) are forming a cup-and-handle pattern, which is technically known as a bullish signal, and if it completes successfully,
In the case of Solana, it would require an increase of about 2,800% from the current price. Currently, SOL/U
SD is trading around the $150 line, with its all-time high of $294 recorded in January 2025. Meanwhile, Bitcoin has broken out of the top of the cup and handle pattern and is on track to rise to $20.
With the stock showing signs of expanding past its 2021 high, the target price has been set at around $230,000, which means upside potential of around 115% from the current price.
This analysis was conducted by Trader Alan, a cryptocurrency analyst and popular content creator for X.
Alan, who said, "The cup and handle pattern is underway on the Bitcoin and Solana monthly charts," and "Currently,
"OL is trying to mimic the flow of BTC," he explained. The cup and handle pattern is a typical strong pattern in which the price returns to a previous high, undergoes a temporary correction, and then rises strongly again.
Alan said, "Bitcoin has broken through the handle, but Solana is still waiting to break through," and added, "If this pattern is completed, BTC will reach $230,000 and SOL will reach $430,000.
"It could reach $90," he said. However, as Bitcoin's market capitalization share continues to rise, the upside potential of altcoins is being limited.
TC's market share is over 65%, its highest since the beginning of 2021. Generally, a bull run for altcoins begins when Bitcoin's share reaches 70%.
While there is a trend, some experts believe it may not be necessary to reach 70% this cycle.
Capital has also mentioned that "in this cycle, alt season may begin even if it does not reach 70%."
2025/07/07 11:11 KST
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