SOL’s price has validated a classic head-and-shoulders pattern on multiple time frames, with a price target of around $50. Analysts are closely monitoring Solana as it has dropped 38% over the last 30 days, hitting a two-year low of $67. The consensus among multiple analysts suggests that the downturn may not be over, with potential targets extending as low as $30.

Key takeaways indicate that Solana’s head-and-shoulders pattern could lead to a price of $50 or lower. Although MVRV bands show signs of a potential bottom, the crucial support level at $75 must hold to avoid further declines. Since reaching a cycle top of around $295 in January 2025, SOL has lost over 72% of its value.

Crypto analyst Bitcoinsensus shared insights about the confirmed H&S pattern, suggesting that SOL’s breakdown point could result in a target as low as $50. Another analyst, Nextiscrypto, noted that the two-week chart indicates a measured move to $45, while Shitpoastin highlighted a significant H&S formation on the monthly chart, predicting a drop to $30.

The two-day candle chart shows that SOL has broken below the H&S neckline at $120, reinforcing bearish sentiment. The measured target for this pattern, calculated by the height of the head from the breakdown point, indicates a potential decline of 32% from current levels, landing around $57.

However, the MVRV bands provide a glimmer of hope, indicating that SOL’s price crash last week was halted by support from the lowest boundary of its MVRV extreme deviation pricing bands, currently at $75. Historically, SOL prices tend to dip near or below this MVRV band before reaching a bottom, as seen in previous rebounds. In March 2022, for instance, SOL prices rose 87% within three weeks after testing this boundary.

Despite these historical precedents, the association of Solana with the FTX crash in November 2022 raises concerns. The price deviated significantly below the MVRV band during that period, leading to a dramatic drop and a bottom around $7 in December. If SOL falls below $75 again, it could trigger another correction phase, aligning with the bearish targets set by the H&S pattern.

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