Solana price surged 8% to around $119 on September 21, reaching its highest level since January as the wider crypto market recovered. But the bigger story is now on the weekly chart, where veteran trader Peter Brandt has spotted a five-year cup-and-handle pattern, putting the $240 resistance level in focus for SOL.
SOL climbed from around $110.69 to $119, breaking above the $112.50 resistance level. The move triggered stop-loss orders and fresh buying, while short traders rushed to close losing positions, adding more pressure on the upside.
More than $33.70 million in SOL positions were liquidated over the past 24 hours. Shorts made up $30.42 million, or nearly 90% of total liquidations. SOL briefly touched $119 before pulling back toward the $116 area.
The rally was backed by stronger activity in the futures market. SOL futures volume jumped 89% to $13.33 billion, while open interest rose 9.10% to $7.28 billion.
At the same time, institutional demand has remained strong. Solana ETFs have recorded 12 straight weeks of inflows, with cumulative inflows above $1.4 billion.
Following the recent rally, well-known trader Peter Brandt has pointed to a possible five-year cup-and-handle pattern on SOL’s weekly chart. The cup runs from the 2021 peak to the 2022 market low, followed by a long consolidation that may have formed the handle.
The pattern faces major resistance around $240. A sustained breakout above the $240 zone would be needed to confirm the setup. From the current level near $116, a move to $240 would mean roughly 106% upside.
However, the sharp market rise could also lead short-term traders to lock in profits. On the downside, $80–$85 remains the key support zone. A break below this area could weaken the cup-and-handle setup.
Meanwhile, the ADX near 20 shows that SOL still lacks a strong trend, while the falling ATR points to lower volatility and continued price compression.
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