As Solana (SOL) trades at multi-year lows, some analysts have lowered their end-of-year targets. Meanwhile, other market watchers have warned that the altcoin risks another 50% correction after a bearish formation was recently confirmed.
Solana Confirms Head And Shoulders PatternThe altcoin lost this crucial area over the weekend, closing January at around $105. After failing to maintain this level, SOL started the month attempting to hold the $100 psychological barrier and reclaim the $105 resistance as support.
The analyst affirmed that the altcoin’s chart shows a confirmed bearish formation after the recent price action, noting that it has also lost an important support zone.
This performance placed the neckline of the bearish formation around the $105 area. Notably, the pattern’s right shoulder began to develop after the Q3 2025 rally and was confirmed during the latest market crash.
Now, the cryptocurrency has fallen below the neckline and could confirm it as resistance if the price closes the week under $105. Clay warned that the pattern’s first target sits around the $42 mark, which would represent a 55% correction from the current levels.
SOL’s Chart Tell ‘Grim’ StoryDespite its short-term trim, the bank raised its longer-term targets, forecasting SOL at $2,000 by 2030 as it stops being “a one-trick pony” and evolves “from memecoins to micropayments.”
As of this writing, Solana is trading at $93.28, a 27.9% decline on the weekly timeframe.
