Solana double-top breakdown forms after SOL failed twice near the $75 resistance zone. On June 24, Solana traded around $69, extending losses from last week’s highs near $75.
According to TradingView data, the broader crypto market struggled to recover from a wave of liquidations triggered by Bitcoin’s drop below key support levels earlier this week.
Why Solana double-top breakdown matters
Reduced activity across the Solana ecosystem has added pressure. Specifically, decentralized exchange volumes and network fee generation have fallen sharply from levels seen during the recent meme coin-driven rally.
At the same time, macro conditions remain unfavorable for risk assets. Expectations that the Federal Reserve could keep interest rates elevated for longer have strengthened the U.S. dollar and weighed on speculative markets. Consequently, capital has continued to flow toward yield-bearing assets and artificial intelligence-linked equities. Therefore, this leaves fewer catalysts for aggressive positioning in altcoins.
Double-top breakdown opens path toward key $60 support
On the 4-hour chart, Solana is on track to complete a bearish double-top structure. Specifically, the pattern shows peaks near $75 on June 16 and June 22. A neck line formed around $68, and SOL price has now broken that support level below. Using the height of the pattern, the measured downside target sits near $60.8, implying roughly 12% downside from current levels.
The breakdown occurred as SOL also slipped beneath several short-term support zones established during the second half of June. Momentum indicators remain weak, with the Relative Strength Index hovering near 42 and remaining below its signal line. The indicator has yet to enter oversold territory, leaving room for additional downside if selling pressure accelerates.
Derivatives positioning highlights risk
CoinGlass liquidation data shows one of the largest leverage clusters concentrated near $68, where traders have accumulated sizeable long exposure. Additionally, liquidity pockets sit between $70 and 71, while a dense cluster of stop orders remains below current prices. Therefore, a decisive move under $68 could force another wave of long liquidations and accelerate the move toward the $60 region.
Recovery scenario still possible
Despite the bearish structure, some traders continue to watch for a recovery scenario. For example, crypto analyst Satoshi Owl noted:
“SOL is looking ready for a big move. Price has been compressing inside a 4H triangle after the recent dump and reclaim. Higher lows continue to print while sellers are losing momentum.”
The analyst added that a breakout above the current range could send Solana back toward the mid-$70s.
Network slowdown and capital outflows add pressure
On-chain activity has weakened considerably over the past several sessions. Specifically, transaction volumes across Solana-based decentralized exchanges have declined, while network fees have fallen to multi-month lows. Since Solana’s valuation has historically benefited from high transaction throughput and user activity, the drop in network usage has reduced one of the key drivers behind recent demand.
Wallet activity also presents another challenge. Several large holders and early venture-backed participants have transferred tokens to centralized exchanges in recent weeks, increasing available spot supply. At the same time, capital exiting struggling ecosystem tokens has largely left the network instead of rotating into other Solana-based assets. Therefore, this reduces liquidity across the ecosystem.
Institutional backdrop remains mixed
Consecutive weeks of outflows from digital asset investment products have reduced buy-side support across the crypto market. With Bitcoin continuing to dictate sentiment, any renewed weakness in the largest cryptocurrency could amplify losses in high-beta assets such as Solana.
A recovery above the neckline near $68 and a sustained move through resistance between $72 and $75 would invalidate the immediate bearish thesis. Conversely, failure to reclaim those levels leaves the double−top target near $60 firmly in focus as traders monitor whether sellers maintain control of the market.