Solana Technical Setup Points To Extended Downside—Analysts Map Out Path To $51 Range

Solana (SOL) is currently trading at $138.83, up 2.73% in the last 24 hours, but the technical landscape suggests this bounce may be short-lived. Multiple chart patterns have aligned to suggest significant downside pressure ahead, with several market analysts converging on bearish scenarios that could extend well into mid-2026.

When Support Breaks, Where Does SOL Go?

The cryptocurrency recently failed to sustain gains above key resistance levels around $146. After initially breaking above a one-month downtrend line that suggested a push toward $129-$130, SOL encountered selling pressure that sent it back toward support zones. The critical level being watched closely is $120, which served as macro support until being breached in mid-December when SOL hit an eight-month low of $116.

According to technical observers, the failure to hold these levels is particularly telling. SOL has been confined to a $120-$126 trading range, repeatedly testing resistance only to be rejected each time. While the recent breach of a falling wedge formation initially hinted at potential upside toward $144-$146, momentum has since fizzled, suggesting the pattern may serve as a temporary relief before deeper losses.

Multi-Year Pattern Emerges On The Weekly Chart

The real concern emerges when examining SOL’s higher timeframes. A Head and Shoulders pattern has been developing since early 2024 on the weekly chart, with the left shoulder formed during the Q1 2024 rally, the head during subsequent strength, and the right shoulder completing during 2025’s latest breakouts. The neckline sits around the $105 level.

If this neckline support breaks decisively, the downside target widens significantly. Market observers estimate a potential drop to the $75-$51 range, with this phase potentially lasting until mid-2026. Some technical analysts present an alternative view, suggesting Solana has instead formed a double top pattern with support currently being tested. Under this scenario, failure to hold would target the $60 area, with potential further weakness toward $35 if support continues to deteriorate.

What Happens After The Correction Clears?

While the near-term outlook appears constructively bearish, analysts note that this extended correction could actually set up conditions for a strong recovery later in 2026. The key is whether SOL can hold above critical support levels—particularly $105 on the weekly chart. A decisive break below the broken trendline and neckline support would confirm the bearish pattern completion and accelerate the move lower.

Until then, the cryptocurrency remains caught between near-term support at $120 and resistance at $146, with the bias tilted toward revisiting lower levels given the alignment of multiple bearish technical signals.