Solana Forms Bullish Pattern Amid Network Growth

Solana has recently formed a cup and handle technical pattern, which is a bullish continuation pattern that suggests a potential price recovery. The crypto faced rejection at the $182 resistance level in late May, creating the top portion of the cup formation. This rejection triggered a corrective phase, with market analysts expecting support to be found around the $140-$145 zone before a potential reversal.

According to analyst Ted, the rejection from $182 marks a natural correction phase within the broader cup and handle pattern. The selling pressure at this level indicates institutional or whale activity influencing price action. The cup and handle pattern began forming during mid-March when Solana established a rounded bottom. The cup portion showed gradual buyer accumulation as the price recovered from earlier lows. Currently, the SOL price appears to be forming the handle portion of the pattern, which involves a smaller corrective pullback that allows the market to consolidate before potential breakout attempts.

Despite the recent SOL price decline, network activity metrics show continued growth across the Solana blockchain. This fundamental strength suggests the current dip may be temporary rather than indicating broader weakness. Rising network activity often correlates with increased adoption and usage of blockchain applications. The technical patterns and fundamental network growth create a compelling case for potential price recovery. Active users and transaction volumes provide underlying support that can help sustain any future price rallies. Network metrics serve as leading indicators for cryptocurrency price movements.

Technical analysis points to the $140-$145 range as a crucial support zone for SOL price. A successful hold above this level could confirm the completion of the handle formation. Breaking below this support might invalidate the current bullish pattern and lead to deeper corrections. The $140 level marks a critical point—holding it could trigger bullish breakout attempts ahead. The handle formation provides an opportunity for new buyers to enter at more attractive price levels, supporting potential price recovery despite declines.