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Bearish chart pattern hints at $70 Solana (SOL) price before a possible oversold bounce -Breaking

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Solana (SOLThe token price could fall to $70 per token as there is a head-and-shoulders setup that has emerged over the daily timeframe. This may point toward a possible 45%+ drop.

As you can see, the chart below highlights this. SOL priceThe price rose to almost $217 in September 2021 and fell to $134 support. It then reached a record of $260 in October 2021. This week the price crashed to the $134-support level, before breaking down to $87.73 for a low of 2022.

Weekly price chart with head and shoulders set up. Source: TradingView
Weekly price chart vs. daily. Source: TradingView
SOL/USD price chart daily. Source: TradingView