$SOL – Market Outlook

In my previous analysis, I assumed that Solana might push higher before the end of 2025. The current technical structure, however, appears considerably more bearish.

On the annual timeframe, SOL typically forms wide yearly ranges. The large red 2025 candlestick, with an all-time high at 295.83, does not currently support a bullish continuation scenario.

On the monthly chart, a clear head-and-shoulders structure has formed, with the neckline around 126.30. The downside projection of the last shoulder overlaps with the gap zone and points to levels below the 78% Fibonacci retracement of the full 8.00–295.83 range.

To the upside, price may face resistance within the gap zone between 146.91 (December 2025 high) and 168.79 (October 2025 low).

Price reaction around the neckline remains the key variable for confirming the dominant scenario.
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