Recent price action in the market over the last 48 hours sparked bullish conversations for cryptocurrencies, z acquisition of assets such as Solana central stage. In Solana’s case, it was done by crypto analyst Ali Martinez hit the bull’s nail with his recent prediction that Solana could see a staggering 1,800% price boost and hit $4,000 very soon.

In a post on X’s social media platform: Martinez emphasized is developing a cup and handle chart pattern that he believes signals a massive bullish breakout for Solana. He supported his analysis with observations from chart expert Thomas N. Bulkowski.

Solana’s path to $4,000

Martinez’s opinion on Solana is based on a monthly time frame of the cryptocurrency’s price action. As he noted, Solana’s price action over the last few years most likely looks like price action a cup and handle pattern. This pattern crosses the bear market in 2022, the consolidation and recovery in 2023, and the bull market in 2024.

In terms of the formation period, the cup portion of the pattern formed in 2022, 2023, and early 2024 when Solana first broke through the resistance trendline. The handle pattern was formed as Solana moved up and down around the $200 price level for most of 2024, ultimately culminating in a decline breaking a up-to-date all-time record in November to $263.

As shown in the chart below, the formation of the cup and handle appears to be complete and the only thing left to do is wait and see how much Solana skyrockets. As for the price target, Martinez used the Fibonacci extension indicator, forecasting it based on the 2022 bear market low of $9.96. The target is around the 2.00 Fib extension level, which puts the projected target at around $4,000.

Understanding the cup and handle: a proven bullish pattern

The cup and handle pattern is a classic technical indicator often associated with bullish market behavior. It consists of a rounded “cup” that represents a period of consolidation and recovery, followed by a smaller “handle” that indicates a brief consolidation before a breakout.

By Thomas N. Bulkowski, Martinez in his analysis he also emphasized the cup with handle is the third most effective bullish pattern, with a probability of achieving the predicted target of 61%. Given the unpredictable nature of cryptocurrencies, the opportunities presented by this pattern are quite noteworthy.

At the time of writing, Solana is trading at $215, up 3% and 16% over the last 24 hours and seven days, respectively. This price boost is coming as activity increases, with Solana reporting a 16% boost in trading volume over the last 24 hours.

If Solana were to reach $4,000, it would represent a return of approximately 1,800% from its current price.

Featured image from Pexels, chart from TradingView