Solana Price Forecast: Potential Decline to $60

Author: Yashu Gola

Published: June 23, 2026

Key Insights

• Solana (SOL) is currently facing a bearish outlook, with a potential price drop to $60 if it closes below the $68 neckline of a double-top pattern.
• A bear flag formation also suggests a similar downside target, reinforcing the bearish sentiment.
• Weak technical sentiment and macroeconomic pressures, including risks from the yen carry trade, may further impact Solana's price.

Current Market Situation

As of the latest trading session, Solana has dropped over 2.5%, reaching a price of $70, continuing its correction from a recent high of approximately $76. The technical analysis indicates that further declines are likely in the near term.

Technical Analysis

Double-Top Pattern

On the four-hour chart, Solana is exhibiting a double-top pattern, which is a bearish signal indicating that the price has failed to break above the resistance level around $75 on two occasions. The critical neckline for this pattern is at $68. A decisive close below this level would confirm the bearish setup and suggest a potential decline towards the $60–$61 range, which aligns with previous support levels.

Bear Flag Breakdown

Additionally, Solana is breaking down from a bear flag formation. This pattern typically occurs after a sharp decline, followed by a brief recovery within a rising channel. The current price action suggests that the upward momentum is waning, and a breakdown below the lower boundary of the flag (around $70–$71) would indicate a resumption of the previous downtrend, targeting the same $60.70 level as indicated by the double-top analysis.

Market Sentiment and External Factors

The overall market sentiment for tech stocks has been under pressure, particularly following a significant selloff led by SpaceX, which has raised concerns about heavy spending in AI among major US companies. Furthermore, the yen carry trade risks are becoming increasingly relevant, as the USD/JPY currency pair approaches multi-decade highs. A sudden rebound in the yen could compel traders to reduce leveraged positions, which would negatively affect high-beta assets like Solana.

Conclusion

In summary, the technical indicators and market conditions suggest that Solana is poised for a potential decline towards the $60 support level. Traders should monitor the $68 neckline closely, as a break below this level would confirm the bearish outlook. Conversely, a recovery above the $74–$76 range would weaken this bearish setup.