Spooky Solana breakdown begins with SOL price facing a potential 45% drop

Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here's why

Cryptocurrency May 26, 2022 02:00PM ET

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Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here's why

Solana (SOL) dropped on May 26, continuing its decline from the previous day amid a broader retreat across the crypto market.

SOL price fell by over 13% to around $41.60, its lowest level in almost two weeks. Notably, the SOL/USD pair also broke out of what appears to be like a "bear pennant," a classic technical pattern whose occurrences typically precede additional downside moves in a market.

Bear pennant pattern. Source: ThinkMarkets

SOL/USD daily price chart featuring 'bear pennant' setup. Source: TradingView

SOL/USD weekly price chart. Source: TradingView

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Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here's why

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