17 hour ago
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BEARISH 📉 : Solana confirms Head and Shoulders pattern risking 55% correction
Solana (SOL) is currently trading at a multi-year low, prompting analysts to adjust their end-of-year projections. The altcoin risks a 50% correction after confirming a bearish Head and Shoulders pattern.
- Solana recently fell nearly 10%, reaching a two-year low of $90.
- The cryptocurrency broke below its important support zone of $105, struggling to hold the $100 level.
- A confirmed bearish formation suggests further downside risk, with a potential target of $42, indicating a 55% drop from current levels.
- Market observers express concern over Solana's future performance, suggesting further corrections are likely as Bitcoin also faces lows.
- Bitcoin (BTC) movements have contributed to Solana's decline.
- Standard Chartered lowered its short-term target for SOL from $310 to $250 but raised long-term forecasts to $2,000 by 2030.
- Currently, Solana trades at $93.28, marking a 27.9% weekly decline.
The recent market activity highlights significant challenges for Solana as it navigates through critical price levels.