Solana Faces Bearish Pattern That Triggered Previous Price Slide

Solana is currently tracing a double top pattern near the 74 dollar mark. This bearish formation occurs when the price hits a similar high twice and stalls, creating a neckline that acts as a critical support level. Traders are paying close attention because a similar setup earlier this year preceded a 21 percent drop in the price of SOL.

While the current structure appears less symmetrical than the previous version, on chain data shows that long term holders are beginning to trim their positions. The one to two year HODL band has dipped recently, suggesting that conviction holders are reacting to the current market setup by reducing their exposure. This shift in holder behavior adds a layer of caution that was not present during the spring.

To invalidate this bearish pattern, buyers need to push the price decisively above the 81 dollar level. Conversely, a daily close below the 72 dollar neckline would confirm the pattern and likely project a slide toward the 67 dollar area. Investors should watch this 72 dollar support level closely, as it will determine the short term direction for the asset.