The post Solana Faces Potential $120 Decline Amid Bearish Patterns, While Onchain Data Suggests Long-Term Resilience appeared on BitcoinEthereumNews.com.

Solana (SOL) faces a potential price correction to $120 amid bearish technical signals, yet strong onchain metrics suggest resilient fundamentals. The head-and-shoulders pattern on SOL’s daily chart indicates a possible downturn, but network activity and investor behavior reveal sustained confidence. According to COINOTAG, “SOL’s declining NVT ratio and consistent exchange outflows underscore long-term value despite near-term price volatility.” Solana’s price may dip to $120 following bearish chart patterns, but robust onchain data highlights strong network usage and investor accumulation. ‘, ‘ 🚀 Advanced Trading Tools Await You!Maximize your potential. Join now and start trading! ‘, ‘ 📈 Professional Trading PlatformLeverage advanced tools and a wide range of coins to boost your investments. Sign up now! ‘ ]; var adplace = document.getElementById(“ads-bitget”); if (adplace) { var sessperindex = parseInt(sessionStorage.getItem(“adsindexBitget”)); var adsindex = isNaN(sessperindex) ? Math.floor(Math.random() * adscodesBitget.length) : sessperindex; adplace.innerHTML = adscodesBitget[adsindex]; sessperindex = adsindex === adscodesBitget.length – 1 ? 0 : adsindex + 1; sessionStorage.setItem(“adsindexBitget”, sessperindex); } })(); Technical Analysis Signals Bearish Pressure on Solana Price Solana’s daily chart reveals a classic head-and-shoulders pattern, a widely recognized bearish reversal indicator. The neckline, positioned near $140, acts as a critical support level. A decisive breakdown below this point, especially if accompanied by increased trading volume, could trigger a further decline toward the $120 target zone. This price level aligns with a significant liquidity area, suggesting it may attract buyer interest and potentially stabilize the price. Moreover, the formation of a bearish engulfing candle reinforces the negative momentum, signaling sellers’ dominance in the short term. However, the bearish scenario could be invalidated if SOL manages a daily close above the $157 resistance, which would indicate renewed buying strength and a possible reversal of the downtrend. ‘, ‘ 🔒 Secure and Fast TransactionsDiversify your investments with a wide range of coins. Join now!…

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Filed under: News - @ June 21, 2025 5:19 pm