Solana’s (SOL) price chart shows that the altcoin could be on the verge of a 70% increase. In August, Solana’s price dropped to $130.

Today, it has climbed to $168, indicating that a potential breakout may already be underway. This analysis explains how SOL could rally beyond the current levels before the year ends.

Solana Forms Bullish Pattern on the Weekly Chart

According to the weekly chart, SOL has formed a cup-and-handle pattern. This figure appears when the price experiences a U-shaped recovery, resembling a “cup,” followed by a consolidation phase that looks like a “handle.” 

Since March, SOL’s price has been consolidating between $127 and $201, indicating that the handle reflects indecision in choosing a specific direction. However, for the pattern to be validated, it has to break above the major neckline.

If this breakout occurs, the price could rise by an amount almost equal to the maximum distance between the cup’s trough and the neckline. For SOL, the token has broken above the neckline at $167. Therefore, the altcoin’s value might rise by 70% and possibly hit $285.

Read more: 7 Best Platforms To Buy Solana (SOL) in 2024

Besides this, the Bull Bear Power  (BBP) on the chart shows that bulls are in control, and the prediction might come to pass. The BBP shows if the strength of buyers is stronger than those of bulls or if bears have the upper hand.

Typically, a negative reading means bears have more impact on the crypto’s price. A positive reading, on the other hand, indicates that bulls can push for a price increase, which is what appears to be in play.