A closely followed crypto analyst says that smart contract platform Solana ( SOL ) is potentially forming a bullish technical pattern that could see it surge by over 1,700%. In a new strategy session, crypto trader Ali Martinez tells his 108,000 followers on the social media platform X that it’s possible the Ethereum ( ETH ) rival is forming a cup-and-handle pattern that could push it to astronomical levels. “There’s a chance SOL is forming a cup-and-handle pattern, and it will reach $4,000!” Source: Ali Martinez/X A cup and handle is typically observed when the price movement of an asset forms a “cup” pattern before printing a smaller “handle” structure which suggests consolidation prior to a potential breakout. Solana is trading for $215 at time of writing, a 1.3% decrease during the last 24 hours. If Solana were to reach Martinez’s target price, it would represent a staggering 1,760% increase. Moving on to the flagship digital asset Bitcoin ( BTC ), Martinez notes that Coinbase’s Premium Index – which tracks the price premium for BTC on Coinbase and therefore its demand in the US by proxy – suggests that institutional demand for the top crypto asset by market cap is ramping up in America. “The Coinbase Premium Index recently hit -0.23%, a two-year low, but it’s now rebounding quickly. This signals growing institutional demand for BTC from US-based investors!” Source: Ali Martinez/X Bitcoin is trading for $98,137 at time of writing, a marginal decrease on the day. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post $4,000 Solana? Trader Ali Martinez Says SOL Forming Potentially Massive Cup and Handle Set Up appeared first on The Daily Hodl .
