Solana (SOL) Hits a 9-Month Peak as Analysts Project an Explosion to $500

Veteran trader Peter Brandt spotted the formation of a cup-and-handle pattern on SOL's price chart. Solana’s native token, which plunged below $100 in mid-September, now trades near $120 after a solid 16% weekly pump. Of course, the main catalyst for that move is the broader market resurgence, with Bitcoin (BTC) briefly soaring to $87,000. The big question now is whether SOL is gearing up for a further ascent or a short-term correction, and most analysts support the bullish scenario. New ATH Incoming? Earlier this month, Ali Martinez spotted a bull flag forming on SOL’s 4-hour chart and said he will watch the $105 level closely. The analyst assumed that a sustained close above (as it has happened) could confirm the bullish breakout and set the stage for a rally toward $130. Many other analysts have also weighed in on the matter following the latest pump. X user Ash Crypto argued that SOL has one of the most bullish setups among altcoins right now. The market observer said the asset has reclaimed the weekly MA200, hit $120 for the first time in eight months, and formed a weekly golden cross, suggesting the bottom is already behind us. Veteran trader Peter Brandt also chipped in, poi...