Solana 4 hour chart has formed a huge Descending Triangle pattern which is still waiting for the confirmation candles.
Solana price today is $167.73 USD with a 24-hour trading volume of $2,582,644,021 USD. Solana is up 8.31% in the last 24 hours, with a market cap of $51,624,838,882 USD. It has a circulating supply of 307,790,601 SOL coins.
The Descending Triangle pattern is self-explanatory as it is followed by a major bearish move. The triangle patterns actually indicate the continuation of the previous trend, which in this case was Bearish. Starting from a peak of December 3 when Solana was at $240 to a bottom of $147 on December 13, Solana dropped more than 38% in just 2 weeks. Since this pattern signals the continuation of the bearish trend, Solana might drop to below the $100 mark, that’s bothering.