Solana (CRYPTO: $SOL) has formed a bearish chart pattern, indicating that more price declines could be in store for the cryptocurrency.
Specifically, SOL has formed a negative double-top pattern after failing twice to break above resistance at $75 U.S
Analysts say that weakening network activity and risk-off sentiment among investors is keeping Solana’s price down. More From Cryptoprowl: SOL is trading at $68.40 U.S. early on June 24. That’s down from a high of $75 U.S. reached last week.
Reduced activity across the Solana ecosystem has added pressure to the digital asset’s price, with decentralized exchange volumes and network fee generation falling. At the same time, macro conditions remain unfavorable for risk assets such as crypto. Expectations that the U.S.