Solana (SOL) Price Prediction: Will SOL Rally 70% to Hit $285 Before 2022 Ends?

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.

Solana's (SOL) price chart suggests a potential 70% increase in the altcoin's value.

Currently trading at $168, SOL could rally to $285 before the year ends. Here's a technical analysis explaining how this prediction might unfold.

Solana Forms Bullish Pattern on the Weekly Chart

A glance at SOL's weekly chart reveals the formation of a cup-and-handle pattern. This chart formation typically occurs 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 fully 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. In SOL's case, the token has broken above the neckline at $167. Therefore, the altcoin's value might rise by 70% and possibly hit $285.

Solana's institutional adoption is another factor that could positively influence its price. Recently, asset management firm VanEck included staking for its Solana Exchange Traded Note (ETN) in Europe.

This move suggests that Solana might be the next in line for significant institutional interest, following the notable adoption of Bitcoin (BTC) and Ethereum (ETH).

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