Determining if Solana’s 17% weekly increase can push the price to $4000

• SOL rose 17.56% final week, with one analyst anticipating a rally to $4,000
• Solana whales have additionally collected SOL tokens price hundreds of thousands

The final 4 days, Solana [SOL] has registered a powerful rise on the charts. Throughout this era, the altcoin broke out of its $200 resistance. In truth, SOL climbed from a low of $187 to a excessive of $219 on the charts.

On the time of writing, Solana was buying and selling at $216. This marked a 4.35% enhance on the each day charts. That is on high of the altcoin’s weekly acquire of 17.56%.

For sure, this worth pump has left the Solana neighborhood eyeing an enormous rally. For instance, in line with well-liked crypto analyst Ali Martinez, a possible rally to $4k is now attainable, with Ali citing a cup-and-handle sample on the charts.

Can Solana Rise to $4000?

In his evaluation states Martinez said that Solana is prone to kind a cup-and-handle sample and it may attain a excessive of $4,000.

Supply: Ali on X

When a head and deal with sample types, it signifies that consumers are regaining management after a interval of consolidation and making ready for a breakout.

Sometimes, this sample signifies a continuation of bullish momentum. Subsequently, if this sample have been to finally kind, SOL may see an exponential rise to future ranges.

What do SOL graphs say?

Whereas the evaluation shared by Ali appeared to supply a promising outlook, it’s important to find out what different statistics may recommend. For instance, in line with AMBCrypto evaluation, Solana sees sturdy upside momentum amid an increase in shopping for strain.

Supply: Spotonchain

We will see this enhance in buying exercise from each retailers and whales. As such, whales have been actively gathering SOL in latest days. In truth, one whale has withdrawn 132,300 SOL tokens price $28.31 million from Binance.

When whales begin accumulating, it’s a signal of bullish sentiment as they anticipate the worth to proceed rising on the charts.

Supply: Coinglass

Furthermore, the market’s bullishness could be additional evidenced by the upper variety of accounts taking lengthy positions.

In truth, lengthy/quick accounts for SOL on Binance present that 72% of accounts have taken lengthy positions. When longs dominate, it means extra merchants are bullish and anticipate the worth to rise.

Supply: Santiment

Lastly, the elevated demand for lengthy positions could be additional supported by a optimistic DyDx funding charge. When the DyDx funding charge is optimistic, it signifies a bullish market as traders are keen to pay a premium and maintain their positions throughout market downturns.

Merely put, Solana is presently experiencing sturdy bullish sentiments amongst retailers and whales. These favorable market circumstances place SOL for extra beneficial properties on its worth charts. Subsequently, if the prevailing sentiment holds, SOL will look to succeed in the USD 228 resistance stage. And a breakout from right here will strengthen the altcoin for a transfer in the direction of $245.

Nevertheless, if sellers reenter the market, Solana will fall to $194. Subsequently, a rally to $4,000 within the quick time period is far-fetched.