With Solana (SOL) at a multi-year low, some analysts have lowered their year-end targets. Meanwhile, other market watchers have warned that the altcoin risks another 50% correction after a bearish formation was recently confirmed.
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Solana confirms the head and shoulders pattern
On Wednesday, Solana recovered nearly 10% in the daily time frame to hit a two-year low of $90. The cryptocurrency has traded between $120 and $250 on the monthly chart since February 2024, retesting and recovering from macro support multiple times.
The altcoin lost this crucial area over the weekend, closing January at around $105. After failing to maintain this level, SOL started the month with an attempt to maintain the psychological barrier at $100 and regain the resistance at $105 as support.
Nevertheless, the latest market move, which also dragged Bitcoin (BTC) to multi-year lows, has pushed Solana below the low of last year’s bull market. Amid this performance, market observer Alex Clay said confirmed that SOL is ‘starting to look bad’.
The analyst confirmed that the altcoin’s chart shows a confirmed bearish formation after the recent price action, noting that it has also lost a key support zone.
According to the chart, the cryptocurrency shows a macro head and shoulders (H&S) pattern in the weekly time frame, which has formed since early 2024. The left shoulder developed during the 2024 Q1-Q2 run, while the head formed during the rally in late 2024 and early 2025, leading to the All-Time High (ATH) of $293.
This performance placed the neckline of the bearish formation around the $105 area. Notably, the right shoulder of the pattern started to develop after the Q3 2025 rally and was confirmed during the last market crash.
Now, the cryptocurrency has fallen below the neckline and could be confirmed as resistance if the price closes the week below $105. Clay warned that the pattern’s first target is around $42, which would represent a 55% correction from current levels.
SOL’s map tells a ‘grim’ story
Other market watchers also expressed concerns about SOL’s future performance, suggesting a correction to new lows is likely. Sjuul from AltCryptoGems noted that the Solana map gives “a real panic-inducing feeling” with “a vast no man’s land!” underneath.
This also applies to Crypto Tony claimed that after breaking the $100 low “with conviction,” the next major support for the altcoin is around $50. For him, a correction in this area is “obvious” as Bitcoin “has not yet found a bottom.”
Altcoin sherpa warned that SOL has also lost the 200-week exponential moving average (EMA), which is “a last stand before $75 or below.” He pointed out that the cryptocurrency tends to cause strong price reactions due to “the gambling chain,” but noted that the corrections are usually stronger.
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In addition, a major financial institution recently lowered its year-end target for Solana. As reported by NewsBTC, Standard Chartered has lowered its near-term forecast from $310 to $250, citing the time it will take to scale the network’s next major use case.
Despite the short-term cuts, the bank has increased its longer-term targets, forecasting SOL to reach $2,000 by 2030 as the bank moves from being a “one-trick pony” to moving “from memecoins to micropayments.”
At the time of writing, Solana is trading at $93.28, down 27.9% from the weekly time frame.
Featured image from Unsplash.com, chart from TradingView.com
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