The cryptocurrency market extended its leg down on Friday following the Bitcoin price fall to the day’s low of $66000. This selling pressure extended the correction trend for most of the major altcoins including Solana. The SOL price is down 5% today bolstering the formation of a reversal pattern called double top. Will this bearish setup amid broader market correction push SOL coin below $150?
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Solana Price Faces Double Top Pattern and Network Efficiency Concerns
Solana Price| Tradingview
In mid-March, the cryptocurrency market entered a new correction trend as Bitcoin reverted from its new high of $73800. As a result, the Solana price trajectory turned sideways below the $205 resistance. Within three weeks, the coin price was rejected twice from overhead resistance indicating the sellers are actively defending this barrier.
Furthermore, an analysis of the daily chart shows the double top pattern formation—
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