Specifically, Martinez has spotted a bullish cup and handle pattern on Solana’s monthly chart. This pattern began with a peak in 2022, followed by a sharp decline to a bottom in early 2023 and a steady recovery through 2024.
The handle of the pattern, which forms a consolidation zone, has ranged between $120 and $250.
Martinez suggests that if Solana breaks out from this consolidation zone, the price could soar. Using Fibonacci levels, Martinez projects potential price targets of $670.43, $2,236.35, and even $4,000.
For Solana to hit the $4,000 target from its current price of $218, it would need to climb approximately 1,734.86%.
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