Solana (SOL) $SOL
has taken a sharp downturn this week as the broader crypto market sell-off deepens. After reaching a high of $187, SOL has dropped to around $164, marking a steep 45% decline from this month’s peak. Technical signals now point to a potential further decline in the near term.
One major red flag is the double-top pattern formed around the $184.5 level on the 12-hour chart. This bearish formation—defined by two consecutive highs followed by a break below the neckline at $159.45—indicates a loss of bullish momentum and growing investor hesitation to buy above key resistance levels.
Adding to the bearish outlook, SOL has slipped below its 50-period moving average, suggesting bears are firmly in control. Momentum indicators like the Relative Strength Index (RSI) are also trending lower, further supporting the case for continued downside.
If the pattern plays out, the projected drop from the neckline could bring SOL to around $136, just beneath the 23.6% Fibonacci retracement level—highlighting a potential support zone but also reinforcing the risk of further losses.
In summary:
Solana is currently in a bearish phase, with technical patterns pointing to a possible slide toward $136. Until SOL regains momentum above the double-top level and key moving averages, caution remains warranted.
