Solana Price Forms Bearish Double Top, Breakdown Could Trigger Drop to $60

Solana's price has formed a bearish double-top pattern after failing to breach the $75 resistance zone twice, according to data from crypto.news. The cryptocurrency traded around $69 on June 24 after extending losses from last week's highs near $75.

The broader crypto market is struggling to recover from a wave of liquidations triggered by Bitcoin's drop below key support levels earlier this week. Reduced activity across the Solana ecosystem has added pressure, with decentralized exchange volumes and network fee generation falling sharply from levels seen during the recent meme coin-driven rally.

Macro conditions remain unfavorable for risk assets, with expectations that the Federal Reserve could keep interest rates elevated for longer strengthening the U.S. dollar and weighing on speculative markets. Capital has continued to flow toward yield-bearing assets and artificial intelligence-linked equities, leaving fewer catalysts for aggressive positioning in altcoins.