SOL's price has confirmed a classic head and shoulders pattern over multiple time periods, with a price goal of around $50.
Solana's SOL (SOL) has fallen 38% over the past 30 days, falling to a two-year low of $67 on Friday. Several analysts imagine that the downtrend will not be over for the seventh-ranked cryptocurrency, with downside targets reaching as little as $30.
Key Takeaways:
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Solana's head and shoulders pattern targets a SOL price of $50 or less.
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The MVRV bands suggest a possible bottom, but support at $75 must hold.
SOL/USD weekly chart. Source: Coitelegraph/TradingView
After the bearish confirmation, Solana is aiming for $42
SOL price has already lost over 72% of its value since a cycle high of around $295 in January 2025. In doing so, its price confirmed a head and shoulders (H&S) pattern over several time periods.
Crypto analyst Bitcoinsensus shared a chart showing SOL confirming an H&S pattern, suggesting further downside.
“Solana has confirmed a breakdown of this macroeconomic head and shoulders pattern,” Bitcoinsensus said in a Monday post on X, adding:
“The goal might be as little as $50 per SOL.” 
SOL/USD weekly chart. Source: X/Bitcoinsensus
“This is a classic head and shoulders pattern with a measured move to $45,” analyst Nextiscrypto said of SOL’s two-week chart. However, other analysts said the value could fall even further.
Pseudonymous analyst “Shitpoastin” said Solana price has also formed a “massive head and shoulders pattern” on the monthly chart over two years, “with nothing but air to $30.”
Source: X/Shitpoastin
Meanwhile, the two-day candlestick chart shows that SOL price fell below the H&S neckline at $120 on January 30.
SOL/USD two-day chart. Source: Cointelegraph/TradingView
The measured goal of the H&S pattern, calculated by adding the pinnacle height from the breakout point, is $57, a 32% decline from current levels.
Solana’s MVRV bands provide hope for a bottom at $75
SOL's price decline last week was halted by support from the bottom limit of its extreme divergence MVRV price bands, currently at $75.
These bands indicate when SOL is below or above the typical price at which traders last moved their coins.
Solana MVRV price bands with extreme deviation. Source: Glassnode
Historically, SOL prices fall near and even below the bottom MVRV band before reaching a bottom.
This includes the bounce in March 2022, when SOL price rose 87% to $140 in three weeks after testing the bottom MVRV deviation band around $75. An analogous recovery occurred in December 2020.
However, resulting from Solana's association with the FTX crash in November 2022, there was a major divergence below this range, with the value falling one other 70% and bottoming out at around $7 in December of the identical yr.
Therefore, SOL's decline below $75 triggers the subsequent phase of correction to be seen in 2022, likely in step with the OSH goal.
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