Solana (SOL) forms a bearish technical pattern… possibility raised of falling below $50

Solana (SOL) has formed a head-and-shoulders pattern—widely viewed as a classic bearish signal—raising the prospect of further declines. With a break below key support confirmed on technical analysis, a pullback to below $50 is being discussed.

On the 9th (local time), cryptocurrency-focused media outlet Cointelegraph reported in a recent analysis that SOL’s price action has entered a downside breakdown phase of a textbook head-and-shoulders pattern. Multiple market experts say that if the pattern is completed, additional downside pressure could persist.

SOL is down more than about 72% from its peak in January last year. It has already fallen below the neckline of the head-and-shoulders pattern formed during the decline, a development seen as reinforcing bearish technical signals.

In particular, based on the SOL/USD monthly chart, some analysis also suggests a long-term head-and-shoulders pattern has been forming over the past two years. In that case, the explanation goes, even if a short-term rebound appears, the structural downtrend may remain intact.

Some analysts say that if no clear intermediate support is identified, SOL could slip below $50 and potentially be pushed down to around the $30 level. This is a scenario based on historical volume-gap areas and technical targets.

That said, the market also notes that the technical outlook could change depending on volatility across the broader crypto market, the macro backdrop, and shifts in network metrics. In the near term, whether key support levels are reclaimed is cited as a crucial variable for gauging the next direction.