Solana Price Faces 12% Drop Risk as Fast Money Bets on a Bounce

Solana price is currently testing the $84.36 neckline support of a bearish head-and-shoulders pattern, which, if broken, could lead to a nearly 12% drop. While buyers are stepping in, evidenced by long wicks and consistent exchange outflows since March 17, the buying pressure is weakening, as shown by a 38% drop in net outflows recently.

Aggressive short-term holders (1D to 1W cohort) are re-entering the market, suggesting they anticipate a short-term bounce, similar to a move seen previously. However, this 'fast money' group tends to sell quickly, limiting the potential for a sustained rally.

Technically, Solana is showing a hidden bullish divergence on the 8-hour RSI, suggesting weakening selling pressure, provided the current low holds. Key resistance levels to confirm a bounce are $85.69, $87.18, and $93.48. Failure to hold the $84.36 support, however, confirms the bearish pattern, targeting potential lows around $80.88 and $74.37.

(Source：BeInCrypto)