2024

Solana

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
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>
</blockquote>
<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%

Table of Contents

U_Today

Other articles published on Aug 13, 2024

Why Is Chainlink Not Impressing Investors?

Dogecoin Naik Signifikan, Akumulasi Whale DOGE Meningkat

Kaspa Second Wind Inflating Profits Following Rollblock’s (RLBK) Lead To Greener Pastures, Shiba ...

SOL Price May Drop to $122 if This Trade Plays Out Well—Will Solana Bulls Gear Up Now?

Analysts Predict Significant XRP Price Increase

Solana Memecoin New Pepe Will Explode Over 16,000% Before Exchange Listing, While DOGE and SHIB P...

Join our free newsletter for daily crypto updates!