Solana Chart Shows Potential Rebound as Bullish Cypher Pattern Emerges

After hitting a record high in Q2, the cryptocurrency market experienced a notable pullback in late May. Solana (SOL), which had surged over 25% to nearly $187 on May 23, saw a sharp decline following this period. The altcoin dropped to around $150—a 9% decrease from its peak—before stabilizing above the $155 mark. However, recent chart analysis suggests that a bounce back may be possible.

A well-known harmonic pattern is forming on Solana’s 4-hour chart, indicating potential for price reversal or at least significant upside movement.