Solana Price Could Double as Peter Brandt Spots Cup-and-Handle Pattern
Solana's price has surged to its highest level since January, reaching around $119 on September 21 as the wider crypto market recovers. However, a more significant story is unfolding on the weekly chart, where veteran trader Peter Brandt has identified a five-year cup-and-handle pattern.
The cup runs from Solana's 2021 peak to its 2022 low, followed by a long consolidation that may have formed the handle. The pattern faces major resistance around $240, which would mean roughly 106% upside for Solana if it breaks above this zone.
Brandt's observation comes as Solana ETFs record 12 straight weeks of inflows, with cumulative inflows above $1.4 billion. However, the sharp market rise could also lead short-term traders to lock in profits, and a break below the $80, $85 support zone would weaken the cup-and-handle setup.
The ADX near 20 indicates that Solana still lacks a strong trend, while the falling ATR points to lower volatility and continued price compression. Solana's futures volume jumped 89% to $13.33 billion, while open interest rose 9.10% to $7.28 billion.