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Solana (SOL) price is poised for a potential 95% crash — Here’s why

Published 08/16/2022, 01:50 PM
Updated 08/16/2022, 03:40 PM
Solana (SOL) price is poised for a potential 95% crash — Here’s why

Solana (SOL) price rallied by approximately 75% two months after bottoming out locally near $25.75, but the token's splendid upside move is at risk of a complete wipeout due to an ominous bearish technical indicator.

Dubbed a "head-and-shoulders (H&S)," the pattern appears when the price forms three consecutive peaks atop a common resistance level (called the neckline). Notably, the middle peak (head) comes to be higher than the other two shoulders, which are of almost equal height.

SOL/USD weekly price chart featuring H&S breakdown. Source: TradingView
SOL/USD and S&P 500 daily correlation coefficient. Source: TradingView
SOL/USD daily price chart. Source: TradingView

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Latest comments

Trash article i stopped when i saw they were blaming a head and shoulders pattern lol
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