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Solana (SOL) Flashes Red Flags: Head-and-Shoulders Setup Points Lower
SOL just printed a textbook Head-and-Shoulders reversal pattern, and the technicals are looking rough 📊. Current price: $137.52 (-2.36%).
What’s Breaking Down:
On-Chain Intel Screaming Caution: Whales are distributing aggressively. Exchange inflows ticking up—big holders positioning for exit. Network activity cooling off, validator participation softening. Translation: demand is drying up.
The Vibe Check: Twitter/Discord is pure FUD mode. Exit strategies getting typed out. No bullish catalyst on the horizon.
Real Talk for Traders: If that neckline snaps, this could cascade. The Solana ecosystem’s smaller plays will get liquidated first. Don’t chase green candles if they’re just dead-cat bounces—stick to your stops, manage risk tight, and wait for actual reversal signals (higher lows + bullish cross) before fading this bear.
Pattern completion = pain incoming. Watch the levels.