Solana Poised for Potential 106% Rally as Technical Analyst Sees Breakout above $240
Technical analyst Peter Brandt has identified a rare macrostructure in Solana's weekly chart, known as the 'Cup and Handle' pattern. According to Brandt, this consolidation marks a significant long-term formation for SOL, which currently trades at $116.29.
The structure begins with SOL's all-time high in 2021, followed by a sharp decline to approximately $9 during the late-2022 crypto downturn. The 'cup' portion was formed during Solana's recovery into 2024 highs, while subsequent sideways price action established the 'handle', completing a textbook technical pattern.
Brandt notes that the chart is coiling and could be preparing for a major move, with reduced volatility and a pending impulse. He points to a potential 106% rally toward the upper limit of the structure, around $240, with the possibility of a much larger breakout if resistance levels are surpassed.
However, analysts note that this magnitude is rare and warrant a cautious interpretation among market participants. A sustained push above $240 to $260 will confirm a genuine breakout from the five-year consolidation, potentially launching a major bullish leg.