Solana Price May Surge 106% as Rare Cup-and-Handle Pattern Takes Shape

Solana's price chart is exhibiting a rare macrostructure known as the 'Cup and Handle' pattern, according to technical analyst Peter Brandt. The five-year chart shows a deep bottom in late 2022 near $9, followed by a recovery towards the 2024 highs. This creates the outline of the cup, with the handle forming during two years of sideways trading.

The current consolidation represents a long-term view of Solana's price potential, according to Brandt. The technical indicators confirm that the price is 'coiling like a spring' within the final stage of capital accumulation. The ATR and ADX indicators show a cyclical decline in volatility and the temporary absence of a directional trend.

A local 106% move from the current $116.29 to the historical resistance at $240 could be the first phase required to reach the rim of the cup. If this scenario plays out, it could lead to a powerful bullish cycle comparable to the full depth of the cup.