Solana’s SOL continues to be battered by bearish headwinds since collapsing to $67 on Feb. 6. Solana’s bearish technical patterns lean toward a $50 price target. The MVRV bands suggest SOL may have bottomed, but the data point is an outlier. The bands represent onchain price zones that show when SOL is trading below or above the average price at which traders last moved their coins.
US-based spot Solana exchange-traded funds (ETFs) continued to attract investor interest, with these investment products recording inflows in 66 of 74 days. The spot SOL ETFs added $2.9 million on Tuesday, bringing their cumulative inflows to $877 million and the total net assets under management to over $726 billion, according to SoSoValue data.
The two-day chart shows that the price had broken below the H&S’s neckline at $120 on Jan. 30. The measured target of the H&S pattern, calculated by adding the head’s height from the breakdown point, is $57, representing a 30% drop from the current level. The next level of support sits around the $50-$60 area. A daily candlestick close below $80 will confirm the pattern, opening the path to a further drop toward the measured target of the flag at $48.
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