SOL Forms Head and Shoulders Pattern, With Neckline at $22.0
- Solana price analysis is bearish, forming lower lows at $22.63.
- The token’s price has sought support at around $20.00.
- A break below the neckline of the head-and-shoulders pattern could see SOL/USD fall to $20.00.
Solana price analysis for today shows SOL is trading a declining trendline after failing to break above the $26 barrier. In the short term, the cryptocurrency is seen trading over a head-and-shoulders pattern with a neckline at $22.00.
The bearish sentiment has been consistent in recent months as SOL/USD continues to test lower lows below the $22 region. A breakout of this pattern would likely result in further losses toward the $20.00 support level.
The Relative Strength Index (RSI) is still declining, signaling that bears are in control of the short-term momentum. If the RSI remains below 50, then Solana could extend its losses further toward the $18 support barrier. On the other hand, if bulls manage to regain control, then Solana could retest the $26 resistance level.
Looking at the larger picture, Solana has formed a falling wedge pattern…
The post SOL Forms Head and Shoulders Pattern, With Neckline at $22.0 appeared first on Coin Edition.
