Ali Martinez suggests Solana might drop further due to a head and shoulders pattern forming on the chart.
Solana’s ecosystem is gaining institutional recognition with the approval of the first Solana-based spot ETF in Brazil.
Solana (SOL) is currently in the spotlight as the broader cryptocurrency market attempts to regain impetus following recent downturns. Despite the market’s attempts to recover, Solana is again under examination from a well-known analyst, who believes the token is on the verge of a further drop.
Ali Martinez, a well-known on-chain analyst, has released his latest findings on Solana’s price chart, which have raised investor concerns.
#Solana could be forming a head and shoulders pattern in the hourly chart, which suggests that a drop below $141 might trigger a correction that sends $SOL to $122! pic.twitter.com/o39Vn0FY8z
— Ali (@ali_charts) August 12, 2024
Potential Bearish Pattern Signals Possible Decline for Solana
According to Martinez, Solana may be
