TLDR:
- SOL rejects at $182 resistance, forming the top of a textbook cup and handle pattern.
- Handle formation signals consolidation, with support expected near the $140–$145 zone.
- Solana network activity remains strong, supporting potential price recovery despite declines.
- $140 level marks a critical point—holding it could trigger bullish breakout attempts ahead.
Solana has formed a distinctive cup and handle technical pattern that signals potential bullish momentum ahead. The crypto recently faced rejection at a critical resistance level, triggering a corrective phase.
Market analysts expect the current pullback to find support around $140-$145 before staging a potential reversal. Network activity continues rising despite the recent price decline, suggesting underlying strength in the blockchain ecosystem.
SOL Price Faces Major Resistance at $182 Level
The Solana price encountered strong selling pressure at the $182 resistance zone in late May.
This rejection created the top portion of what technical analysts identify as a cup formation. The resistance level represents a price point where previous buyers may have taken profits.
Analyst Ted from social media platform X highlighted this technical setup in recent commentary.
According to his analysis, 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.
$SOL cup and handle pattern formation.
It got rejected from a major resistance level, and is now going through a correction.
Network activity is still rising, so I expect this dip won't last long.
I think a retest of $140-$145 followed by a reversal is highly likely. pic.twitter.com/ZloDVKj1vv
— Ted (@TedPillows) June 5, 2025
The cup and handle pattern began forming during mid-March when Solana established a rounded bottom. This technical formation typically signals bullish continuation when completed successfully. 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. This phase involves a smaller corrective pullback that allows the market to consolidate before potential breakout attempts.
The handle formation provides an opportunity for new buyers to enter at more attractive price levels.
Solana Network Activity Supports Potential Price Recovery
Despite the recent SOL price decline, Ted noted that 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.
Current market data shows Solana trading at $149.37, representing a 4.26% decline over 24 hours.
The seven-day performance shows an 11.56% decrease, reflecting the ongoing corrective phase. Trading volume remains robust at over $3.8 billion, indicating continued investor interest despite price weakness.
The post Solana’s Next Move: Why SOL Price Could Bounce Hard from $140 Level appeared first on Blockonomi.
Source: https://blockonomi.com/solanas-next-move-why-sol-price-could-bounce-hard-from-140-level/