Bitcoin, Ethereum, Crypto News and Price Indices
Solana SOL (SOL) has fallen 38% over the past 30 days, falling to a two-year low of $67 on Friday. Many analysts believe that the downside is not over for the seventh-ranked cryptocurrency, with downward targets extending to $30.
Main Receptors:
Solana's head-and-shoulders design is aimed at SOL prices of $50 or less.
The MVRV bands point to a potential downside, but support at $75 should hold.
Solana targets $42 after bearish confirmation
The SOL price has lost more than 72% of its value since the cycle peak of $295 in January 2025. By doing so, the price confirmed a Head and Shoulders (H&S) pattern on multiple time frames.
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Crypto analyst Bitcoinsensus shared a chart showing SOL confirming the H&S pattern, hinting at more downside ahead.
“Solana has confirmed a breakout from this macro head-and-shoulders pattern,” Bitcoinsensus said in a Monday post on X.
“The target could be as low as $50.”
“This is a head and shoulders pattern measuring around $45,” analyst Nextiscrypto said of SOL's two-week chart. But other analysts said the price could fall.
Anonymous analyst “Shitpostin” says Solana's price has formed a “massive head and shoulders” pattern on the monthly chart for two years “with nothing out of the air to $30.”
A two-day candlestick chart, meanwhile, shows that SOL's price broke below the H&S neckline at $120 on January 30.
The H&S pattern measured target, calculated by adding the height of the head from the rally point, is $57, representing a 32% decline from the current level.
Solana's MVRV bands offer hope at the $75 low
SOL's decline last week was halted by support at the lower limit of MVRV's extreme pricing bands, currently at $75.
These bands show when SOL traders are below or above the average price at which they last moved their coins.
Historically, SOL values fall to near or below the lower MVRV band before reaching the bottom.
After testing the lower MVRV deviation band around $75, SOL's price surged 87% to $140 in three weeks, adding to the March 2022 breakout. A similar reversal occurred in December 2020.
Solana's relationship with the FTX risk in November 2022, however, saw a significant divergence below this band, with the price dropping another 70% and falling to $7 in December of that year.
Therefore, SOL's decline below $75 will fuel the next phase of correction as seen in 2022, possibly in line with the H&S target.
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