How Long Will Solana Continue to Fall? | Credit: Hameem Sarwar
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Key Takeaways
Solana price is creating a bearish engulfing candlestick.
SOL has completed a five-wave increase inside an ascending wedge.
Has Solana started a downward trend, and if so, how long will it continue?
Solana (SOL) tried to break free from its long-term trading range last week, but the move quickly fizzled out, pushing the price back into consolidation.
The failed breakout sparked a sharp reversal, and SOL now risks forming a bearish engulfing candlestick.
If that pattern confirms, it could set the stage for another steep drop and a potential breakdown from its ascending wedge.
Solana Price Analysis
Since the start of 2024, Solana has been stuck in a broad trading range between $125 and $210, and despite flashes of strength, the token has struggled to escape it.
After briefly breaking above the range to a new all-time high in January, SOL quickly slipped back inside and continued its decline, even falling below a descending resistance trend line.
That breakdown triggered a rebound, with the price reclaiming the range and pushing higher. But momentum stalled at the $210 ceiling.
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Rather than establishing a new uptrend, SOL failed to clear resistance and is now showing signs of exhaustion.
The current candlestick structure points toward the formation of a bearish engulfing pattern—a move that, if confirmed, would signal the start of a deeper downtrend and a possible retest of the range lows.
If the bearish Solana prediction transpires, the price will decline in an A-B-C structure toward the 0.5-0.618 Fibonacci retracement support levels at $138-$152 before beginning another upward movement.
Final Thoughts
Solana was at a make-or-break level last week, and bears won the battle.
After a failed attempt at breaking out from its range, SOL risks a breakdown from its ascending wedge pattern.
If SOL confirms its bearish trend, it could decline another 20% to $138-$152.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
