Solana price today trades at $191 after falling by 27% from the year-to-date high $264. This crash has coincided with the recent crypto crash that has pushed Bitcoin and most altcoins sharply lower. Still, the weekly chart suggests that SOL price may be about to make a mega comeback in the next few days.
Solana Price Analysis: Break And Retest Pattern Forms
The weekly chart shows that the SOL price formed a symmetrical triangle chart pattern between March and November this year. This pattern came after the coin went vertical as it soared from below $20 to over $100. As such, there are signs that this pattern was part of forming a bullish pennant chart pattern, a popular continuation sign.
The pennant pattern partially explains why the Solana price made a strong breakout and reached a high of $264, near its all-time high. Financial assets like crypto and stocks often retreat sharply after hitting a crucial resistance level such as an all-time high.
The recent Solana price crash stalle
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