Solana Faces Bearish Pattern Amid Market Tension
Key Takeaways
- Solana (SOL) is currently exhibiting a bearish chart pattern on the 4-hour timeframe.
- A break below the $136 USD level could trigger a 12% price drop.
- A close above $147.50 USD could reverse the trend and enable a rise to $180 USD.
- The TD Sequential indicator is flashing a sell signal.
- Despite bearish signals, many traders are betting on rising prices.
Technical Analysis: Solana Under Pressure
Solana is currently trading at around $137.50 USD — a decline of 4.76% over the past 24 hours. At the same time, trading volume has dropped by 10%, indicating waning interest from traders and investors.
The chart shows a “Head and Shoulders” pattern, which typically signals a trend reversal. The neckline of this pattern lies at $136 USD. If Solana breaks below this level on the 4-hour chart, the price could fall to around $120 USD — a decrease of approximately 12%.
Resistance from Downward Trendline
Since January 2025, the price has repeatedly encountered a descending trendline acting as resistance. Most recently, this line has once again not been breached. Additionally, a “Bearish Engulfing” pattern has formed — another sign of potential price losses.
However, a breakout above this trendline with a daily close above $147.50 USD could invalidate the bearish scenario. In that case, a rise to as much as $180 USD is conceivable — an increase of about 22%.
TD Sequential Indicator Warns of Price Decline
An experienced analyst on the platform X (formerly Twitter) points to the TD Sequential indicator. This tool is used to identify trend reversals. It previously gave a buy signal ahead of the recent 22% rally. Now, it is signalling a sell — reinforcing the idea that the current uptrend may be faltering.
Traders Still Betting on Rising Prices
Data from analytics platform Coinglass shows that many short-term traders are still betting on rising prices despite the warning signs. At the $135 USD price level, long positions worth $167 million USD are open. Meanwhile, at $140 USD, there are short positions totalling $83 million USD.
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These highly leveraged positions suggest a tense market environment. For now, the bullish positions are preventing a sharper price drop. However, if market sentiment shifts, liquidations could follow.
Our Assessment
Solana is currently at a critical juncture. Technical indicators and chart patterns point to a potential correction. The $136 USD level is key. A break below it could lead to a significant decline. At the same time, traders are showing a high risk appetite and are betting on rising prices.
If you are invested in Solana or considering entering the market, closely monitor price movements. Pay particular attention to the $136 and $147.50 USD levels in the short term. Also, keep an eye on the broader market, as Solana often moves in tandem with Bitcoin.
Sources
- TradingView
- Coinglass
- X (formerly Twitter)
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