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The immediate future of SOL is uncertain after a recent technical breakdown that has left the crypto market at a crossroads. On its daily chart, the asset validated a head-and-shoulders formation, pulling the price toward a critical support level.
TL;DR: Solana breaks down from a head-and-shoulders pattern and is trading near $80. The RSI indicates sustained selling pressure as key levels are lost. A separate scenario points to a potential recovery toward $114 if resistance is overcome.
After the head-and-shoulders pattern lost its neckline, SOL fell below the psychological $100 zone. That level is now described as solid resistance. As a result, investors remain cautious while the price seeks stability near $79.60.
The bearish structure is reinforced by the Relative Strength Index (RSI), which is moving toward the 30-point zone. The article notes that if selling pressure does not subside soon, the market may seek liquidity at lower levels.
If the price continues to fall, the next technical target for bearish moves is a support band between $50 and $60. The article describes this range as the most significant critical support from previous cycles, where institutional demand is expected to reappear.
On the other hand, a bullish alternative depends on whether a shorter-term upward trendline holds. If the price compresses and breaks through the gray resistance band mentioned in the article, the immediate recovery target would be set at $114.35.
For now, the market is watching for confirmation of either an extended downside move or a rebound. The article characterizes current volatility as a factor in determining SOL’s trajectory for the remainder of the quarter, with $80 described as the central “battlefield” level.
Bottom line: With historic levels lost, SOL is positioned as vulnerable. Traders are advised to monitor the asset’s critical support closely to assess whether it becomes a buying opportunity or signals the start of a deeper correction.
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