Solana’s SOL token has fallen 38% over the past month, reaching a two-year low of $67. Multiple analysts cite a confirmed head-and-shoulders chart pattern, with price targets extending as low as $30. Support at $75 from a key on-chain metric offers a potential bottom signal, but failure could align with the bearish technical targets.
Solana’s SOL dropped to $67 on Friday, marking a 38% decline over 30 days. Analysts state the downside may not be over for the seventh-ranked cryptocurrency.
The price has lost over 72% of its value since a cycle top near $295 in January 2025. This confirmed a head-and-shoulders pattern on multiple time frames.
Analyst Bitcoinsensus shared a chart showing SOL validating this pattern. “The target could be as low as $50 per $SOL,” stated the analyst.
Analyst Nextiscrypto noted this is a classic pattern with a measured move to $45. Other analysts, like pseudonymous “Shitpoastin”, see a massive two-year pattern with nothing but air until $30.
The two-day chart shows SOL broke below the pattern’s neckline at $120 on Jan. 30. The measured target from that breakdown point is $57, a 32% drop from current levels.
SOL’s crash was last week stopped by support from the lowest boundary of its MVRV extreme deviation bands at $75. These bands show when the price is below the average cost basis for traders.
Historically, SOL prices drop to near this band before finding a bottom. This includes a March 2022 bounce where price rose 87% to $140 after testing the band.
However, the FTX crash association in November 2022 saw a significant deviation below this band. The price dropped another 70%, bottoming around $7 in December that year.
Therefore, a drop below $75 could spark the next correction phase. This potential move aligns with the head-and-shoulders price targets cited by analysts.
