Solana Price Forms Bearish Double Top, Targeting $60

Solana's price has formed a bearish double-top pattern on its chart, according to data from Bitget. The cryptocurrency failed to break above $75 on two separate occasions in June, and its subsequent decline has weakened network activity and risk-off sentiment across the crypto market.

The neckline of the double top is near $68, with a breakdown below this level potentially triggering a drop to $60.8, a 12% decline from current levels. Large liquidation clusters are concentrated around $68, increasing the risk of further downside if support fails.

Falling network activity, lower decentralized exchange volumes, and capital outflows from the Solana ecosystem continue to weigh on sentiment. The broader crypto market is also struggling to recover from a wave of liquidations triggered by Bitcoin's drop below key support levels earlier this week.