Technical analysis suggests Solana’s price could decline toward $47 based on a bearish chart pattern, despite significant network growth. The Real-World Asset market on Solana has surpassed $1 billion in market cap, and banking giant Citi has completed a proof of concept using the blockchain, contrasting with the pessimistic price prediction.
Solana’s weekly chart recently showed a bearish head and shoulders pattern, projecting a price target near $47. This was reinforced by a rejection from the $252.9 Fibonacci level, signaling continued downward momentum.
Meanwhile, the Real-World Asset market cap on the Solana network has progressed, breaching the $1 billion milestone. Furthermore, the banking giant Citi completed an internal proof of concept using the blockchain, indicating growing TradFi interest.
On the daily chart, key resistance zones are identified between $120 and $127, which is considered a bearish order block. A short-term trading range has formed between $76.6 and $89.8, with $83.2 as a pivot point.
A breakout above the range could see Solana test the $110 to $127 supply zones, where rejection is considered likely. Conversely, a breakdown below $76.6 would bring the lower price targets closer.
The network’s Total Value Locked has reached new all-time highs, demonstrating underlying confidence. However, high on-chain activity is also driven by memecoin speculation, which may not indicate a fundamental bullish shift.
