Solana bears eye $50 SOL price as technicals point lower

Solana’s SOL has been under pressure since collapsing to $67 on Feb. 6 and now sits more than 72% below its all-time high of $295. Bearish technicals on the weekly chart have confirmed a head-and-shoulders pattern, with the neckline break at $120 and a measured target near $57, roughly 30% below the current level.

On shorter timeframes, SOL is retesting support at the lower boundary of a bear flag around $80. A daily close below $80 would confirm the pattern and open a path to the flag’s measured target near $48, which would push total losses toward about 41%. Onchain MVRV bands place the first defensive line at $73, the lowest boundary, and historical price tests of that band have often preceded sharp rebounds — for example, a rise to $140 in March 2022 after testing around $75, with similar recoveries in June 2022 and December 2020.

The token’s fall after the FTX crash drove SOL well below this band before it bottomed near $7 in December 2022. Institutional demand has shown some resilience: U.S.

United States

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