Solana price surges on cup-and-handle breakout to $6,300
Solana price has surged 34% over the past month to $193. A textbook cup-and-handle pattern on weekly and monthly charts signals a potential breakout to $4,800–$6,300. Analysts Robert Mercer and Trader Tardigrade highlight a confirmed handle breakout at $155 and key resistance at the $250 neckline, with a historical 61% success rate for this setup. On-chain metrics reinforce the bullish case: daily active addresses climbed 9% in 24 hours, daily transactions resumed a parabolic climb, and total value locked on Solana hit $10.3 billion—a six-month high and 63% gain since April. With SOL now commanding 6.28% of global DeFi TVL and up over 2,400% since its November 2022 cycle low, traders should watch volume confirmation and on-chain indicators to validate momentum and manage risk in both short-term entries and long-term positions.
Bullish
In the short term, Solana price’s cup-and-handle breakout signals could attract momentum traders targeting the $6,300 upside. A 61% historical success rate and rising volume add confidence to the pattern. On-chain metrics—a 9% jump in daily active addresses and a six-month high TVL—underscore robust network adoption and usage. Long term, a 2,400% rally since the November 2022 low and sustained DeFi TVL growth suggest solid fundamentals that may support further price gains. However, traders must monitor the $250 resistance and volume confirmation to manage downside risks, as even proven patterns can fail.