🚨 Solana’s Double Top Disaster: Is It Time to Panic? 🚨

by

Ah, Solana, the blockchain that promised to be the life of the crypto party, is now teetering on the edge of a double top pattern so bearish it could make a grizzly bear blush. 🌋 If this breakout confirms, it’s not just a downtrend-it’s a full-blown intergalactic slide into the abyss. Strap in, folks, because the next few weeks could be interesting (read: chaotic). 🌪️

  • Solana price is down over 12% this month. 📉 Because, you know, why not? It’s not like anyone saw that coming. 🙄
  • Declining network activity and ETF inflows have reduced investor appeal. Shocking! Who knew people wouldn’t want to party on a sinking ship? 🚢💨
  • A mult-year double top pattern has formed on the weekly chart. 🎩✨ Behold, the magic trick no one asked for!

According to the wizards at crypto.news, Solana (SOL) was trading at $127.7, down 12.3% from its monthly high and a whopping 48% below its September peak. 🤑→🤡 Yes, you read that right. Someone forgot to tell SOL that the party’s over.

The seventh-largest crypto asset is now staring into the void of a giant bearish pattern, while its on-chain metrics are doing the financial equivalent of a faceplant. 🤦‍♂️ Data from CoinGlass reveals that the total value locked (TVL) has plummeted to $23.8 billion from its September high of $35.1 billion. Fees? Oh, they’ve dropped from $31 million to $8 million. Because who needs money when you’ve got vibes? 🌈

These numbers suggest user activity is weaker than a decaf latte, and investor demand is following suit. 🚶‍♂️💨 Meanwhile, spot Solana ETF inflows are slower than a snail on a Sunday stroll. SoSoValue reports that after a $199.2 million debut, inflows have shriveled to a measly $13.1 million last week. Institutional investors are ghosting SOL, and retail traders might soon follow. 👻

Solana Price Analysis: A Comedy in Charts

On the weekly chart, Solana has been crafting a double top pattern so massive it could rival the Great Wall of China. 🏰 Two rounded tops, a trough in between-classic bearish reversal material. If it breaks below the neckline, it’s not just a dip; it’s a nosedive into the Mariana Trench. 🌊

At the time of writing, SOL was eyeing the neckline at $120 like a hungry cat staring at a laser pointer. 🐱🔴 Technical analysis says this pattern confirms when the price breaks below, and momentum indicators like MACD and RSI are already waving the white flag. 🚩 Bears are in the driver’s seat, and they’re flooring it.

If $120 doesn’t hold, SOL could plummet to its April 7 low of $95. That level has been its safety net all year, but even safety nets have expiration dates. ⏳ On the flip side, a rebound above $155 (the 50% Fibonacci retracement level) could save the day. But let’s be real-that’s about as likely as finding a unicorn in your backyard. 🦄

Read More

2025-12-29 12:47