Solana price forms bearish double top, neckline breakdown could trigger drop to $60

Solana price has formed a bearish double-top pattern after failing twice near the $75 resistance zone, with weakening network activity and risk-off sentiment across crypto markets keeping traders cautious.

According to data from crypto.news, Solana (SOL) price traded around $69 on June 24 after extending losses from last week’s highs near $75.

Solana price fell as the broader crypto market struggled to recover from a wave of liquidations triggered by Bitcoin’s drop below key support levels earlier this week. Reduced activity across the Solana ecosystem has added pressure, with decentralized exchange volumes and network fee generation falling sharply from levels seen during the recent meme coin-driven rally.

At the same time, macro conditions remain unfavorable for risk assets. Expectations that the Federal Reserve could keep interest rates elevated for longer have strengthened the U.S. dollar and weighed on speculative markets.

Capital has continued to flow toward yield-bearing assets and artificial intelligence-linked equities, leaving fewer catalysts for aggressive positioning in altcoins.

Double-top breakdown opens path toward key $60 support

On the 4-hour chart, Solana is in the path of completing a bearish double-top structure with peaks near $75 on June 16 and June 22. A neckline formed around $68, and SOL price has now broken that support level below. Using the height of the pattern, the measured downside target sits near $60.8, implying roughly 12% downside from current levels.

The breakdown occurred as SOL also slipped beneath several short-term support zones established during the second half of June. Momentum indicators remain weak, with the Relative Strength Index hovering near 42 and remaining below its signal line. The indicator has yet to enter oversold territory, leaving room for additional downside if selling pressure accelerates.

Derivatives positioning highlights another risk area. CoinGlass liquidation data shows one of the largest leverage clusters concentrated near $68, where traders have accumulated sizeable long exposure.

Additional liquidity pockets sit between $70 and $71, while a dense cluster of stop orders remains below current prices. A decisive move under $68 could force another wave of long liquidations and accelerate the move toward the $60 region.

Despite the bearish structure, some traders continue to watch for a recovery scenario. Commenting on the market, crypto analyst Satoshi Owl noted:

The analyst added that a breakout above the current range could send Solana back toward the mid-$70s.

Network slowdown and capital outflows add pressure

On-chain activity has weakened considerably over the past several sessions. Transaction volumes across Solana-based decentralized exchanges have declined, while network fees have fallen to multi-month lows. Since Solana’s valuation has historically benefited from high transaction throughput and user activity, the drop in network usage has reduced one of the key drivers behind recent demand.

Wallet activity also presents another challenge. Several large holders and early venture-backed participants have transferred tokens to centralized exchanges in recent weeks, increasing available spot supply. At the same time, capital exiting struggling ecosystem tokens has largely left the network instead of rotating into other Solana-based assets, reducing liquidity across the ecosystem.

The institutional backdrop remains mixed as well. Consecutive weeks of outflows from digital asset investment products have reduced buy-side support across the crypto market. With Bitcoin continuing to dictate sentiment, any renewed weakness in the largest cryptocurrency could amplify losses in high-beta assets such as Solana.

A recovery above the neckline near $68 and a sustained move through resistance between $72 and $75 would invalidate the immediate bearish thesis. Failure to reclaim those levels, however, leaves the double-top target near $60 firmly in focus as traders monitor whether sellers maintain control of the market.