Solana, the Ethereum killer, is showing signs of a strong comeback. After weeks of choppy price action and a sharp pullback, SOL price has rebounded impressively from the $124 zone and is now trading around the $135 to $138 range. This bounce comes at a time when the broader crypto market is grappling with uncertainty, making Solana’s resilience all the more noteworthy.
But what’s fueling this rebound? Is it just a technical bounce, or are there stronger fundamental forces at play, like ETF speculation and institutional adoption?
Solana experienced a sharp drop below the $130 support level last week, briefly dipping to around $124. This move triggered panic among short-term holders, but it turned out to be a classic liquidity sweep—flushing out weak hands before a rebound. The bounce was quick and decisive, with SOL reclaiming the $135 level within days. This type of V-shaped recovery is often observed when there is strong underlying demand, which appears to be the case here.
The SOL price has been maintaining a steep bearish trend but continues to remain within a bullish pattern. The token has rebounded from the lower support of the descending parallel channel, which hints towards a bullish continuation towards the resistance. But the question arises, will the SOL price rise above the pivotal resistance at $142?
As seen in the above chart, the SOL price is attempting to rise to the neckline of the cup & handle pattern. A breakout from the range is expected to elevate the levels towards the highs above $220 initially and later above $250. As the RSI has displayed a bullish divergence, the price is expected to rise above $142 and reach the resistance at around $155. Otherwise, the handle could get extended, which may transform into a bearish trend.
However, this appears to be unlikely, as the price is an inch away from the psychological barrier at $140. Therefore, if fundamentals continue to improve, Solana (SOL) price is expected to revisit above $300 in the next bullish wave.
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