Is Solana's crazy bull behind? Analyst: Monthly line shows a golden cup trend, expected to rise to $400.

The financial market has started the week off strong.

BTC rose to over $92,000 today, briefly testing the $90,000 support level. At the time of writing, the trading price has rebounded to $90,556, with a 24-hour increase of less than 1%.

Image Source: Bitpush

Meanwhile, AltCoins are rising in general.

Solana（$SOL）hits a three-year high of $248.19, with Tezos ($XTX) performing the best among the top 200 altcoins by Market Cap, rising 49.2%, followed by Hedera ($HBAR) and Iota ($IOTA), rising 41.8% and 25.5% respectively. meme zonepullback, Goatseus Maximus ($GOAT) fell by 13.9%, cat in a dogs world fell by 7.3%, Popcat ($POPCAT) fell by 6.5%.

The current overall market capitalization of Crypto Assets is $3.08 trillion, with BTC's market share at 58.39%.

At the close of the U.S. stock market, the S&P 500 and the Nasdaq rose by 0.39% and 0.60% respectively, while the Dow Jones fell by 0.13%.

SolanaDEX volume is 100% higher than the previous record

Analysts believe that compared to the short-term aggressive gains of currencies like XRP and Cardano, Solana has shown a more stable growth trend in the past few weeks. The continued growth of on-chain data indicates that Solana's ecosystem is developing healthily, attracting more and more users and developers.

According to DefiLlama's data, the volume of Solana Decentralizationexchange (DEX) reached a record high of $41.2 billion last week. Previously, the highest weekly volume was around $18 billion (the previous week) and $17.5 billion (March 2024). Solana's volume in the past week was more than 100% higher than the previous record.

Image source: DeFiLiama

In fact, Solana's total volume market share exceeds the total market share of Base, BNB Smart Chain, Arbitrum, and the Ethereum network. In the past 24 hours, Solana accounted for 48.27% of the total volume, and Base network ranked second with a market share of 10.55%.

Cryptocurrency researcher Aylo made a key comparison between Solana and Ethereum, pointing out that Ethereum's DEX volume reached a peak of $37 billion in May 2021.

Aylo added, "If $SOL/BTC can set a new all-time high, it will achieve the goal that Ethercoin failed to achieve in the previous cycle. Even in the frenzy of Decentralized Finance and Non-fungible Tokens, Ethercoin/BTC did not come close to its historical high in June 2017."

Once it breaks the historical high, the target price of Solana will reach $400.

Independent on-chain analyst Titan of Crypto emphasized the bullish indicators on Solana's monthly chart, which is currently breaking out in a positive direction.

Image Source: Bitpush

According to observations, Solana's monthly K-line chart has formed a cup and handle pattern, with a high success rate of 95% for upward breakthroughs and an average profit rate of 54% after the breakthrough. Traders added, 'Once it breaks through the previous high price, it may soar directly to $400'.

When the price breaks above the upper edge of the cup and handle pattern, it means that the bullish momentum has fully taken control, and the price is expected to start a new uptrend. Another independent analyst, Jelle, emphasizes that $SOL has turned its previous annual high into a support level.

Image Source: Bitpush

Meanwhile, CoinGlass data shows that Solana's 30-day spot purchase volume is positive, second only to Bitcoin among the top 10 encryption assets (excluding stablecoins).

[Disclaimer] The market carries risks, and investment should be approached with caution. This article does not constitute investment advice, and users should consider whether any opinions, perspectives, or conclusions in this article are applicable to their specific situation. Any investment made based on this article is at one's own risk.

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Original Author: Bitpush

"Is Solana's bull running madly behind? Analyst: Monthly line shows a golden cup trend, expected to surge to 400 dollars." This article was first published in 'encryption city'.