{"id":21319,"date":"2026-02-04T17:04:17","date_gmt":"2026-02-04T17:04:17","guid":{"rendered":"https:\/\/bitunikey.com\/news\/solana-price-forms-a-head-and-shoulders-pattern-despite-steady-network-growth\/"},"modified":"2026-02-04T17:04:25","modified_gmt":"2026-02-04T17:04:25","slug":"solana-price-forms-a-head-and-shoulders-pattern-despite-steady-network-growth","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/solana-price-forms-a-head-and-shoulders-pattern-despite-steady-network-growth\/","title":{"rendered":"Solana price forms a head-and-shoulders pattern despite steady network growth"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Solana price has dropped for four consecutive weeks and is now trading at a crucial support level despite the soaring network metrics during the ongoing crypto winter.<\/p>\n<div id=\"cn-block-summary-block_1ffa8ac04b698285b4f2a874315203ad\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Solana price dropped below the neckline of the head-and-shoulders chart pattern.<\/li>\n<li>Spot SOL ETFs have added over $6.8 million in inflows this month.<\/li>\n<li>Solana\u2019s transactions and active addresses have soared in the past few weeks.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The Solana (SOL) token dropped to $93, down nearly 70% from its January 2025 high. It has dropped to the lowest level since February 2024.<\/p>\n<p>The ongoing crash occurred even as third-party data showed that spot Solana ETF inflows continued rising and its network growth accelerated. Data compiled by <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/sosovalue.com\/assets\/etf\/us-sol-spot\" target=\"_blank\" rel=\"nofollow\">SoSoValue<\/a> shows that spot Solana ETFs added $1.24 million on Tuesday after adding $5.58 million on Monday.\u00a0<\/p>\n<p>These funds have now added $6.8 million in assets this month, bringing the cumulative inflows to over $877 million. Solana ETFs now hold over $854 million in assets, which is equivalent to 1.5% of its market capitalization.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Nansen data shows that Solana has become one of the fastest-growing networks in the cryptocurrency industry. Its transactions rose by 43% over the last 30 days to over 2.48 billion, surpassing the combined transactions of other networks.<\/p>\n<p>Solana\u2019s network had over 105 million addresses in this period, up by 81%. Its active addresses are much more than those of other chains combined. For example, Ethereum had over 15 million active addresses, while BNB Chain had 41.2 million.<\/p>\n<p>Solana\u2019s network fees jumped by 94% to over $26 million, much higher than Ethereum\u2019s $15 million. It is closing the gap with Tron, which made $29 million in the same period.<\/p>\n<p>One main reason for the network\u2019s growth is its stablecoin transactions. It had over $491 billion in stablecoin volume over the last 30 days, with most of it in USDC. Its stablecoin transactions rose to over 305 million, with addresses reaching 5.2 million.<\/p>\n<h2 class=\"wp-block-heading\">Solana price has formed a risky chart pattern<\/h2>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">SOL price chart | Source: crypto.news\u00a0<\/figcaption><\/figure>\n<p>The weekly chart shows that Solana token has crashed in the past few months, moving from a record high of $295 in January last year to the current $94.<\/p>\n<p>Solana has formed a head-and-shoulders pattern and is now trading at the neckline. A break below this neckline will signal further downside, potentially to the key support level at $70, which is near the 78.6% Fibonacci Retracement.\u00a0<\/p>\n<p>A move above the 61.8% Fibonacci Retracement level at $115 will invalidate the bearish outlook.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Solana price has dropped for four consecutive weeks and is now trading at a crucial support level despite the soaring network metrics during the ongoing crypto winter. Summary Solana price&hellip;<\/p>\n","protected":false},"author":1,"featured_media":150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/21319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=21319"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/21319\/revisions"}],"predecessor-version":[{"id":21320,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/21319\/revisions\/21320"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/150"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=21319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=21319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=21319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}