Solana: Head and Shoulder Pattern might be bothering

What's in this article

Solana has lost more than 40% in last four days and irony is one more bearish pattern appears on the chart.

Solana price today is $85.81 USD with a 24-hour trading volume of $3,669,115,435 USD. Solana is down 13.66% in the last 24 hours, with a market cap of $27,003,453,885 USD. It has a circulating supply of 314,690,654 SOL coins. 

Source: Tradingview

Solana: Analysis

The hourly chart of Solana shows a bearish head and shoulder pattern with massive breakout confirmation. Solana is very likely to test the support level of August at $80, fib 1.414. The local resistance for Solana is above it’s right shoulder at $103. If the bearish trend continues, we might even see Solana drowning below the support of $80.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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