Solana: Will SOL drop to $200 after THIS bearish pattern emerges?

Solana (SOL) appears to be forming a bearish head-and-shoulders price action pattern, a breakdown of $230 could lead SOL to decline by 12%.

SOL’s Spot Inflow/Outflow data indicated that whales are dumping their holdings from wallets to exchanges., the world’s fourth-largest cryptocurrency, is poised for a price decline in the coming days.

Considering traders’ and investors’ participation along with the market structure, there is a strong possibility that this pattern could be completed in the coming hours.If SOL completes this bearish pattern and breaches the neckline at the $230 level, it could decline by 12% to reach $200 in the coming days.

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