📉 SOL trades at $134 (June 23) after volatile swings between $126 and $135 in 24h. A rounding top pattern on the daily chart suggests the recent uptrend may have topped out, with downside risks intensifying.
📊 The key neckline support is $126 — tested on June 22. A break below it confirms the bearish setup and could send SOL down 32% to $85, mirroring the pattern’s height.
📉 Indicators back this view: the ADX is rising, showing strengthening downtrend, and MACD has turned negative, confirming bearish momentum.
📌 To invalidate the pattern, SOL must reclaim $187 — the upper resistance of the rounding top. Otherwise, the path of least resistance leads below $100.
📉 On-chain metrics echo the weakness: Solana’s stablecoin market cap dropped $2.5B in 7 weeks (from $13.1B to $10.6B), while DeFi users halved from 6M to 2.95M. Falling demand and weak buying pressure increase crash risk.
📈 A BTC recovery could lift sentiment, but unless SOL reclaims $187, bulls remain at risk of a deep correction.
⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.
Top comments (0)