Solana $SOL Price Update: Why the Market is Turning Bearish
Solana $SOL one of the leading Layer-1 blockchain assets, is facing strong bearish pressure this week as part of a broader crypto market downturn. After reaching a recent high of $187, SOL has now dropped to around $164, showing signs of further downside momentum.
One major factor behind the current slide is the formation of a Double-Top pattern on the 12-hour chart — a classic bearish technical indicator. This pattern appeared with two peaks around $184.5, and a neckline support zone at approximately $159.45.
⚠️ Double-top patterns often signal that traders are reluctant to buy beyond a certain price, indicating a potential trend reversal.
Price Movement: Down nearly 45% from this month's highest level.
Neckline: $159.45 — a critical support zone now being tested.
Fibonacci Levels: Price is stuck below the 50% retracement near $195.
Indicators:
50-period Moving Average: SOL is trading below it – a bearish sign.
RSI (Relative Strength Index): Trending downward, confirming weak momentum.
MACD/Oscillators: Also showing signs of ongoing sell pressure.
According to technical analysis:
The distance between the double-top and neckline is about 14%.
If that same move plays out downward, SOL could touch $136, a zone just below the 23.6% Fibonacci retracement.
If this level breaks, it could open doors to even lower support zones unless buyers step in soon.
🚨 What Should Traders Watch?
Support Level: $159 (neckline)
Bearish Target: $136
Solana’s recent drop reflects market-wide caution, and the technical setup points to further downside unless momentum shifts. While long-term fundamentals for Solana remain strong, short-term traders should stay cautious, watch support zones closely, and consider proper risk management.
