Solana (SOL) has broken a key technical support level, forming a bearish Head and Shoulders pattern that analysts warn could signal a decline toward $70. The token’s price fell 2.9% to $87.40, reflecting intensified selling pressure. Concurrently, on-chain data reveals a significant shift of over 11.8 million SOL tokens from exchanges to private wallets within a 96-hour period, indicating potential changes in investor holding behavior.
Solana is facing increased market pressure following a significant technical breakdown, causing investor concern about a deeper correction. The token declined 2.9% and is currently trading at $87.40 with a market capitalization of $50.03 billion.
Crypto analyst Crypto Patel reported that a Head and Shoulders pattern on Solana’s chart has played out exactly as anticipated. Based on this analysis, if the price cannot move above the broken neckline as resistance, the next target could be around $70.
In parallel, analyst Ali Martinez contributed on-chain data showing a substantial shift in exchange flows. Approximately 11.80 million SOL tokens were removed from crypto exchanges in the last 96 hours.
Such movements are often viewed as investors moving funds to private wallets, which can sometimes ease selling pressure. This data provides a mixed signal alongside the negative price action.
The evidence shows Solana is at a critical juncture where both price action and on-chain signals are flashing warnings. All market attention is now focused on whether SOL can reclaim its broken support level.
