Solana's price action is at a critical juncture as it hovers near the $88 range. A bearish head and shoulders pattern on the two-hour chart suggests a possible decline of around 12% if the neckline breaks.
The pattern, identified by analyst Crypto Patel, consists of three peaks: a left shoulder formed in mid-March, a higher head that topped at around $98, and a right shoulder with a lower high near $91 to $92. If the neckline support is breached, the chart projects a move lower towards $77.61.
However, for now, the setup remains unconfirmed as Solana's price still trades slightly above the neckline support zone. The next move will be crucial in determining whether buyers defend the neckline or sellers push SOL below it with follow-through.