Solana (SOL) price demonstrated a textbook cup and handle pattern at press time. It is a widely known bullish continuation setup that leads to large upward moves that take place in line with traditional financial markets and cryptocurrencies.
Solana’s long-term weekly chart shows us that we’ve been in a well-developed ‘rounded’ structure since late 2021 and into 2024. This is where Solana price formed the ‘cup’ of the bottom trend line.
When writing, Solana seems to be in the “handle” range. This smaller consolidation phase usually presents downward or upward movements with regular breakouts.
1-week SOL/USD Chart | Source: Ali Martinez on X
The critical resistance level to focus on is near the $220 mark. It coincides with the upper limit of the cup pattern and the head and shoulders neckline for the resistant breakout.
More About Solana’s Chart Pattern
The start of the pattern is a gradual descent into a rounded base that aligns with periods of selling
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