Solana’s native cryptocurrency, SOL, has formed a potential triple bottom pattern, signaling a possible rebound toward the $92 resistance level despite ongoing market uncertainty. The price of SOL rose 1.4% during Tuesday’s U.S. market hours to $81, despite broader market pressures linked to rising tariffs and geopolitical tensions. However, the network’s user engagement has declined sharply, raising questions about the sustainability of any price recovery.

Network Participation Dips, Signaling Weakness in DeFi and NFTs

Data from Blockdata shows that the number of active addresses on the Solana network has fallen by 18.1% over the past two weeks, dropping from 6.58 million to 5.39 million. This decline in participation is a key indicator of reduced engagement in decentralized finance (DeFi), non-fungible tokens (NFTs), and general blockchain transactions. The drop in active addresses correlates with a 52% decrease in total value locked (TVL) on the Solana network, which has fallen from $13.4 billion in September 2025 to $6.44 billion.

The reduction in TVL suggests a significant capital outflow from the Solana DeFi ecosystem. Analysts argue that this de-risking behavior is a response to broader market conditions, including the Federal Reserve’s recent rate decisions and heightened geopolitical tensions between the U.S. and Iran.

According to Blockdata, the decline in network activity has led to lower demand for blockspace and reduced network fees. This environment has created a bearish sentiment among investors, who are increasingly wary of market volatility and macroeconomic risks.

Triple Bottom Pattern Forms, Suggesting Potential Rally

Despite the weakening fundamentals, technical indicators are showing signs of a potential turnaround. The Solana price has been trading in a range between $92 resistance and $75 support over the past two weeks, with multiple swings failing to break either level. This pattern, known as a triple bottom, is a classic reversal formation that often precedes a sustained price recovery.

Earlier today, the price of SOL attempted to break below the $75 support level amid heightened geopolitical tensions, but the move failed. A long-wick rejection candle formed, indicating that demand from buyers at lower levels remains intact.

Furthermore, the relative strength index (RSI) has shown a series of higher lows, reinforcing the bullish momentum in the market. If the triple bottom pattern holds, the price could rebound by 14.5% and reach the $92 resistance level, which has been a key psychological barrier for the asset.

Analysts are closely watching the $92 level, as a successful breakout could trigger a more extended rally. According to market experts, a sustained move above $92 could drive the price toward $117 as an initial target, signaling a broader recovery in the Solana ecosystem.

Macro Factors and Future Outlook

The Solana price trajectory is heavily influenced by macroeconomic conditions, including the Federal Reserve’s rate decisions and geopolitical developments. The Fed’s recent policy shifts have created uncertainty in financial markets, affecting investor sentiment and liquidity.

Donald Trump’s recent decision to raise global tariffs to 15% has added to the market’s instability, despite a Supreme Court ruling against the move. This policy shift has created additional pressure on risk assets, including cryptocurrencies, as investors seek safer alternatives.

Looking ahead, the Solana network faces a critical juncture. If the triple bottom pattern holds and the $92 resistance is breached, it could signal a broader recovery for the Solana ecosystem. However, if the price continues to trade within the current range, it may indicate that the market is still in a consolidation phase.

Market participants are also monitoring the broader geopolitical landscape, particularly the evolving situation between the U.S. and Iran. Any escalation in tensions could further impact investor sentiment and potentially delay a recovery in the Solana price.

For now, the Solana price remains in a delicate balance between technical optimism and macroeconomic uncertainty. The next few weeks will be crucial in determining whether the triple bottom pattern leads to a sustained rally or if the market continues to remain range-bound in the face of ongoing challenges.