Solana (SOL) may be facing one of its most significant technical tests in recent months, with crypto trader Jassy warning that a decline at a key level could trigger a price crash not seen since past bear market cycles. When a cryptocurrency trades above this level, two currencies are formed. bearish pattern Across multiple time frames, analysts have set two major crash targets for SOL. However, only one of these patterns could lead to a staggering 50% drop to $30 if the price breaks.
Solana Bear flag pattern suggests crash to $30
On Tuesday, February 24th, Jussy took on the challenge of X. caveat Cryptocurrency investors and traders believe Solana could be headed for a dramatic price collapse. Analysts believe that the major smart contract tokens are currently critical support level The price chart shows $76.57, which could determine the next bearish move.
Related books
Looking at the daily chart, Jussy identified the following: bear flag formation This pattern shows and highlights the price stabilizing within a descending channel after a sharp drop above $112. Solana continues to trend down For the past few months.
If the $76.57 support level breaks, analysts are predicting a bear flag pattern to $37.88, which would indicate a potential drop of more than 50% from current levels. In his analysis, Jassy said Solana is on the path to $30, suggesting the altcoin could fall further to that level.
What is noteworthy is that the analysts’ bearish forecasts were announced under these circumstances. Solana’s recent price struggleThis is because widespread market volatility and changes in investor sentiment are weighing on the sector. SOL is trading sideways as the crypto bear market is already in full swing. Poor performance across major cryptocurrenciesincluding Bitcoin.
CoinMarketCap data also shows that Solana’s price has fallen more than 38% since the beginning of the year. Altcoins were on a downward trend just last week, but since then, altcoins have been on a downward trend. showed slight recovery From the $76 level highlighted in Jussy’s chart analysis. At the time of writing, SOL is trading above $86, up over 13% from key support levels. should upward momentum If this continues, it could signal a possible departure from analysts’ bearish $30 forecast.
Triple top pattern suggests decline to $60
In his second bearish prediction, Jassy emphasized that Solana is forming. triple top pattern On the 4 hour chart. This pattern is characterized by three successive failed attempts to push higher, each printing at a lower peak than the last. The structure seen across price trends in January and February suggests that: Buyers are steadily losing momentum Every time I try to recover.
Related books
If the $76.57 support level is broken, Jassy sees a cautious move from the triple top pattern to $61.73 as Solana’s next target. A decline to this level would represent a crash of approximately 19% from the support area.
Featured image from iStock, chart from Tradingview.com
