It is already one of this year’s top-performing industry exchange traded funds, but the Global X Social Media Index ETF (NasdaqGS: SOCL) could add to its 59% year-to-date and do so before 2014 arrives.

“The price action since Dec. 11 appears to be forming a handle. A handle is a tight range that is at least one week in length (can be several weeks or more) that develops usually 5% to 10% off a base high,” writes Deron Wagner of Morpheus Trading Group regarding SOCL.

“The current handle in $SOCL is eight days in length. Look for a breakout above the high of Dec. 10 to confirm the pattern,” added Wagner.

SOCL has surged this year, buoyed in large part by the resurgence in shares of Facebook (NasdaqGM: FB) and euphoria surrounding Twitter’s (NYSE: TWTR) initial public offering. Although SOCL was one of the first ETFs to add Twitter to its lineup, the ETF slumped more than 10% from Oct. 18 through Nov. 12 as investors became increasingly concern about the frothy valuations being sported by Internet and social media names. [Waning Enthusiasm for Social Media Stocks]

SOCL has since reclaimed all of those losses and then some. The fund gained 2% on Monday to close at a new all-time high and is up 10.1% in just the past month.

Facebook and Twitter combine for 16.5% of SOCL’s weight with Mark Zuckerberg’s company being the ETF’s largest holding at 10.6%. LinkedIn (NYSE: LNKD), Sina (NasdaqGM: SINA), Yandex (NasdaqGM: YNDX) and Google (NasdaqGM: GOOG) are also among SOCL’s top-10 holdings, a group that represents roughly 63% of the fund’s weight.

SOCL has hauled in $91.6 million of its $113.6 million in assets under management this year. The fund celebrated its second anniversary in November.

Global X Social Media Index ETF

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of Facebook and Google.