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Bearish chart pattern hints at $70 Solana (SOL) price before a possible oversold bounce

Published 01/22/2022, 06:30 PM
Updated 01/22/2022, 08:00 PM
BTC/USD
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ETH/USD
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SOL/USD
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Solana (SOL) price may fall to $70 a token in the coming weeks as a head and shoulders setup emerged on the daily timeframe and possibly points toward a 45%+ decline.

The chart below shows that SOL price rallied to nearly $217 in September 2021, dropped to a support level near $134 and then moved to establish a new record high of $260 in November 2021. Earlier this week, the price fell back to test the same $134-support level before breaking to a 2022 low at $87.73.

SOL/USD weekly price chart featuring head and shoulders setup. Source: TradingView
BTC/USD vs. ETH/USD weekly price chart. Source: TradingView
SOL/USD daily price chart. Source: TradingView

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