Solana Navigates Treacherous Waters: Analysts Forecast Major Correction Until Mid-2026
Solana (SOL) is currently at a pivotal "make-or-break" juncture, with crypto analysts issuing cautionary warnings about a potential bearish downturn extending into mid-2026. Despite a brief surge, the altcoin's recent price action has indicated underlying weakness, suggesting a significant correction may be on the horizon.
Immediate Setbacks and Failed Breakouts
After reaching a three-week high of $130 on Sunday, Solana swiftly corrected by 6.1% to the $122 mark. The cryptocurrency had previously dipped below its macro support at $120, hitting an eight-month low of $116 in mid-December. While some analysts initially saw a glimmer of hope, like Crypto Jobs pointing to a six-week falling wedge breakout with a target of $144-$146, this bullish momentum proved fleeting. Solana's attempts to break above local resistance within the $120-$126 range were repeatedly rejected, and a subsequent pullback sent SOL below the pattern's upper boundary, nullifying the potential upside.
Long-Term Bearish Formations Signal Deeper Plunge
On higher timeframes, the outlook for Solana appears increasingly bleak. Market watcher Elite Crypto highlights a multi-year bearish pattern, with a "Head and Shoulders" formation developing since early 2024. The neckline for this pattern sits critically around the $105 area. Should Solana fail to hold this crucial support, its price could plummet to the $75-$51 range, a scenario projected to last until mid-2026 before any potential bullish reversal. Adding to the concern, analyst Henry from Lord of Alts suggests an alternative "double top formation" with the neckline around current levels. If this pattern materializes and current support fails, SOL could retrace further, potentially reaching $60 or even $35, filling a significant price "gap" that the market has yet to address. Investors are urged to conduct thorough research as Solana navigates these challenging technical indicators.
