Solana Faces Potential Drop Below $50 Amid Bearish Pattern

Analysts have raised concerns that Solana (SOL) might fall below the $50 mark following the confirmation of a head and shoulders bearish pattern on its charts. According to NS3.AI, SOL has experienced a decline of over 72% from its peak in January 2022. The monthly chart reveals signs of a prolonged downtrend, suggesting the possibility of reaching even lower levels, potentially near $30. The absence of robust support levels further complicates the outlook, indicating a potential for more significant declines.