Is Solana headed to $50? These charts show a textbook bear pattern
Solana’s SOL (
$SOL ) has dropped 38% over the last 30 days, falling to a two-year low of $67 on Friday. Multiple analysts believe that the downside is not over for the seventh-placed cryptocurrency, with downward targets extending as low as $30.
Key takeaways:
Solana’s head-and-shoulders pattern targets a SOL price of $50 or lower.
MVRV bands point to a potential bottom, but support at $75 must hold.
Solana targets $42 after bearish confirmation
SOL price has already lost over 72% of its value since a cycle top of around $295