2024

Solana

when

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Well-known crypto analyst Ali Martinez recently highlighted a worrying pattern on the price chart of the fourth biggest altcoin on the market,&nbsp;<a href="https://u.today/solana-sol-bounces-150-lies-ahead-will-ethereum-eth-face-death-cross-two-key-bitcoin-btc-price" rel="noopener noreferrer nofollow">Solana (SOL)</a>.
Thus, according to Martinez,&nbsp;the hourly chart indicates that Solana may be forming a head and shoulders pattern, which could signal a potential correction in the price downward to $122. This would represent a 17% decline from current levels.&nbsp;
A head and shoulders pattern is basically a shape that looks like two bumps with a bigger bump in the middle. When the price dips below a line connecting the bottoms of the shoulders, which is called the neckline, it is often a sign that the price is going to go down. It is like a warning flag for traders.
<blockquote>
 <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> could be forming a head and shoulders pattern in the hourly chart, which suggests that a drop below $141 might trigger a correction that sends <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> to $122! <a href="https://t.co/o39Vn0FY8z" rel="noopener noreferrer nofollow">pic.twitter.com/o39Vn0FY8z</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1823110174036349399?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 12, 2024</a>
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<h2 dir="ltr" id="protect-neck">Protect neck</h2>
As illustrated in the attached chart, from Martinez's outlook, the pattern emerged in August, beginning in the latter half of the first week. Following the&nbsp;<a href="https://u.today/solanas-meme-coin-factory-deteriorating-with-cratering-volumes" rel="noopener noreferrer nofollow">SOL</a> price increase to $163 due to the pump and the subsequent decline, the right shoulder began to form. This is when we reached a pivotal point.
If Martinez's Solana price prediction is accurate, the current period represents a pivotal moment for one of the largest cryptocurrencies. The potential impact on SOL's price chart is significant, as the&nbsp;<a href="https://u.today/elon-musk-confirms-grok-will-be-able-to-create-dogwifhat-wif-memes" rel="noopener noreferrer nofollow">Solana</a> ecosystem is home to numerous other cryptocurrencies - many with multi-billion market caps and thousands of small caps.

SOL Price Alert: Bearish Pattern Could Push Solana Down 17%

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