Solana Price Forms Double Top Pattern, Long-Term Holders Sell

Solana's price has formed a double top chart pattern, which has resurfaced at $74. This bearish pattern occurred earlier in the year and resulted in a 21% drop.

The current setup is less symmetrical than the spring version and forms on lighter exchange flows. However, on-chain data suggests that long-term holders are trimming their exposure to SOL, which could indicate a breakdown in the price.

The neckline of the double top sits near $73, and a daily close below this level would confirm the pattern. This would project a measured move of about 7% toward $67, potentially opening the door to further selling if prices extend.