#Solana “waiting” for breakout with $4,390 target

#Bitcoin has spent seven weeks acting within a narrow range, but as time goes on, anticipation is growing as to where BTC price action will head next.

For Trader Alan, a familiar chart pattern holds the key — and so far, progress is exactly what bulls are hoping for.

“Bitcoin and Solana Cup and Handle Pattern on monthly chart,” he told X followers, adding that

#SOLUSD is currently attempting to copy BTC.

A cup-and-handle pattern is a well-known bullish setup in which price returns to a previous high, consolidates and then continues higher, often with explosive results.

As Cointelegraph reported,

BTCUSD

has already completed a long-term cup and handle, from its 2021 peak to 2022 low and back up, followed by its first trip to the $100,000 mark.

“$BTC has broken out the handle while $SOL is still waiting for the breakout,” Alan claims about the latest iterations of the pattern, which in Bitcoin’s case extends the breakout beyond the 2021 high.

“This pattern sets $BTC and $SOL to targets of $230,000 and $4,390 respectively.”