Crypto analyst CryptoPatel warns SOL’s head-and-shoulders pattern has triggered after the neckline snapped. Solana trades at $87.57 with $70 now in focus.
Solana’s chart is sending alarm signals. The neckline on a textbook head-and-shoulders pattern has broken, and at least one prominent crypto analyst says the next leg down could reach $70.
CryptoPatel, posting on X, put it plainly. The day before the break, a warning went out about the neckline holding. Then SOL dumped 4% to $86. “Neckline broken,” the analyst wrote on X, citing the pattern playing out “perfectly.”
Neckline Gone, Bears Now Hold the Keys
The Solana price currently sits at $87.57. It is down 0.13% in the past hour, off 2.83% over 24 hours, and has shed 1.35% across the last seven days. Market cap stands at just over $50 billion.
In an earlier post, CryptoPatel flagged on X that SOL was “forming a clean head-and-shoulders” structure. Neckline loss, he said then, could trigger a sharp drop. That warning proved accurate.
The head-and-shoulders pattern is among the most reliable bearish reversal signals in technical analysis. Three peaks form, with the middle one highest. When the support line connecting the two troughs breaks, sellers typically take control fast.
The $70 Target Traders Are Watching
The math on the pattern points toward $70. CryptoPatel, on X, set that figure as the next downside target after the neckline gave way. He also cautioned that failure to reclaim the neckline as resistance could cause the drop to “accelerate fast.”
“Don’t catch falling knives,” he added. Sound advice given the current structure.
SOL’s weekly performance has not been kind either. A 1.35% loss over seven days tells a story of fading momentum, not recovery.
What a Failure to Reclaim Means
If Solana bulls cannot push price back above the broken neckline and hold it, the pattern stays intact. Bears keep the advantage. Earlier analysis on Solana’s support zones noted the $72 to $75 range as a structural floor from early 2026. That zone lines up close to the $70 target CryptoPatel now has on the table.
Traders are not panicking yet. But nobody is buying the dip aggressively either.
CryptoPatel noted this is technical analysis only, not financial advice. Readers are urged to do their own research before acting on any price projections.
