SOL – Descending Triangle

Solana on the 4 hour chart has formed a huge Descending Triangle pattern which is still waiting for the confirmation candles. The Descending Triangle pattern is typically followed by a major bearish move. The triangle patterns actually indicate the continuation of the previous trend, which in this case was Bearish. Starting from a peak of December 3th when Solana was at $240 to a bottom of $147 on December 13, Solana dropped more than 38% in just 2 weeks. Since this pattern signals the continuation of the bearish trend, Solana might drop to below the $100 mark.