Solana, the layer 1 cryptocurrency initiated April on a bearish note in tandem with the broader market. The bearish downturn initiated at $205, plunged the coin price 12.6% to current trade at $179. Analyzing the daily chart reveals this reversal as the formation of a double-top pattern, suggesting the asset is poised for prolonged downfall. However, will the upcoming Bitcoin halving invalidate this thesis for a renewed recovery?
Also Read: Solana Strategy Head Austin Federa On Network Glitch, We Will “Overcome”
Solana Price Faces Double Top Pattern and Network Efficiency Concerns
Amid the pre-halving consolidation in the crypto market, the Solana price witnessed intense supply pressure at $205. The coin reverted twice from this resistance twice within three weeks indicating the sellers are actively defending this barrier.
Utilizing this resistance as a…
