Solana Price Forecast: SOL Targets $42 as Head-and-Shoulders Formation Develops

The value of Solana (SOL) is precariously positioned on the brink of a significant technical breakdown today.

Having dropped 42% in the past month and approaching two-year lows, analysts caution that a substantial head-and-shoulders formation on the monthly chart indicates a possible steep decline.

If the support level fails, there may be no additional support until the price reaches $30.

A bearish head and shoulders configuration could signal SOL’s downfall. Source: TradingView

Solana currently finds itself at a critical “make-or-break” point.

Trading at around $82, the token has lost billions in market capitalization, representing a remarkable 72% decrease from its all-time high of $293 in January 2025. While market corrections are commonplace, this downward trend has confirmed a classic head-and-shoulders bearish pattern on its chart from April 2025 to February 2026.

For traders evaluating the situation, whether SOL is among the top cryptocurrencies to purchase now may hinge on the ability of key support levels to withstand this macro pressure.

Solana Price Prediction: Does the Head-and-Shoulders Pattern Suggest Imminent Decline?

Is the bottom reached, or is the decline just beginning? The charts depict a bleak scenario.

The pseudonymous crypto analyst “Shitpoastin” pointed out that a significant head-and-shoulders (H&S) pattern has emerged on the monthly chart. This particular setup is well-known in technical analysis for indicating extended downturns.

Solana monthly looks really bad lmao
Massive head and shoulders with nothing but air until $30… https://t.co/XiG9B6YxM5

— ₿ (@Shitpoastin) February 2, 2026

Analyst Bitcoinsensus confirmed a breakdown from this macro structure, forecasting a downside target as low as $50 per SOL.

#Solana has confirmed a breakdown from this macro Head & Shoulders pattern
Target could be as low as $50 per $SOL. pic.twitter.com/9Zqk2BML1b

— Bitcoinsensus (@Bitcoinsensus) February 9, 2026

Other market analysts are even more pessimistic. Analyst Alex Clay indicated a target of $42, a level that corresponds with a long-observed demand zone from previous cycles. This represents a potential further decline of nearly 50% from current prices.

#SOL started to look bad
It turned into a confirmed H&S and important support zone is lost!
H&S target fits the key level of $42 See you there#Solana $SOL pic.twitter.com/WuyMrKgjs9

— Alex Clay (@cryptclay) February 4, 2026

Nonetheless, it is not entirely negative. Solana’s MVRV extreme deviation bands indicate a potential support level at $75. Historically, SOL has experienced rebounds, such as the 87% increase in March 2022, after testing these lower thresholds.

Source: Glassnode

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What Traders Should Monitor Next

If you hold SOL, the $75 level is critical.

A decisive daily close below this support could initiate the next phase of the correction, resembling the severe declines witnessed during the 2022 crashes. This would likely pave the way toward the $30 to $42 range noted by analysts.

Despite the price decline, Solana’s network activity remains robust, with fee revenue nearly doubling that of Ethereum recently.

Divergences between price and fundamentals often create opportunities to acquire top cryptocurrencies, but only for traders who await confirmation.

Keep an eye on a reclaim of $100 to invalidate the bearish outlook. Until then, the head-and-shoulders pattern necessitates caution.

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