A head and shoulders pattern on SOL's daily chart points toward a drop to $70 a token in the coming weeks. The pattern emerged on the daily timeframe and may indicate a 45%+ decline.
SOL Price Rallied to Nearly $217 in September 2021, Then Dropped to $134 and $87.73
The price rallied to nearly $217 in September 2021, dropped to $134, and then established a new record high of $260. This phase of price action appears to have formed a head and shoulders setup, a bearish reversal pattern containing three consecutive peaks.
Middle Peak ($257) Higher Than Shoulders ($200-$210)
The middle peak, around $257, is higher than the other two peaks, around $200-$210. This indicates a bearish trend.
Support Level at $134 Signals Extended Downtrend
A fall below the support level at $134 signals an extended downtrend to the level equal to the maximum distance between the head and the neckline.
Distance from Neckline is Around $137
The distance from the neckline