Solana Breaks Below Key Support Level Amid Geopolitical Tensions

Solana has experienced a substantial decline, losing critical support following the U.S. military strike on Iranian nuclear facilities, which has heightened market volatility. Key points include:

Solana dropped 20% from its May high of about $185, currently trading near $148.
Analyst Carl Runefelt identified a completed Head and Shoulders pattern, signaling potential further declines.
The price has broken below the neckline of this pattern, suggesting continued bearish momentum.
Solana struggles to reclaim previous support levels, indicating weak investor confidence amid broader market uncertainty.
Current price is over 50% lower than its all-time high, with projections targeting around $106.30 if the downtrend continues.
Breaking below the 200-day simple moving average (SMA) at approximately $149.54 signals increasing bearish sentiment.
Continued pressure could lead Solana towards the $120–$125 range, with resistance around $155–$160.

A daily close above $149 is necessary to shift the current bearish outlook. Until then, downside risks remain prominent.