Solana ($SOL )
is exhibiting a bearish double top pattern, a technical formation that often signals a potential trend reversal. This pattern is characterized by two consecutive peaks at similar price levels, separated by a moderate decline, indicating that the asset may be poised for a downward movement.
Currently, SOL is trading around $163.17, reflecting a decline of approximately 5.4% over the past 24 hours. The double top pattern suggests that if the price breaks below the neckline support level, a further drop towards the $145 mark could occur.
It's important for traders to monitor key support and resistance levels closely. A confirmed break below the neckline could validate the bearish outlook, while a rebound might indicate a potential reversal or consolidation phase. As always, conducting thorough research and considering multiple indicators is advisable before making trading decisions.