Solana Hits Bearish Target at $152, Eyes Potential Reversal
The well-known trader highlighted the development on X, noting that the current level could serve as a pivotal support zone in the near term.
Bearish Pattern Completion: Double Top Formation
Carl Moon’s analysis, illustrated through a TradingView chart, depicts a classic double top pattern—typically seen as a bearish reversal signal.
The twin peaks around the $190 level, followed by a breakdown through horizontal support at approximately $165, confirm the pattern’s validity. The breakdown led SOL to descend nearly 10% to the projected target zone at $152.76.
According to the chart, this price action marks the completion of the bearish structure. The double top, combined with increasing volume on the breakdown leg, suggests that bearish momentum reached exhaustion as the price met the support threshold.
Support Zone in Focus: A Potential Turning Point?
Carl Moon believes that $152.76 may not just mark the end of the downward move—it could also represent the start of a new upward phase. In his tweet, he pointed out that this support level could become a “turning point.” His chart projection outlines a potential consolidation within the $152–$155 range before a bullish breakout occurs.
The bounce scenario proposed suggests buyers could regain control if the support zone holds. If SOL establishes a base here, a move back toward the $165–$170 zone is plausible in the coming days.
Market Context
The analysis arrives amid broader market volatility and comes as Solana has remained relatively resilient compared to other altcoins. While this double-top breakdown tested short-term bullish resolve, the firm support near $152 may now attract buyers looking for discounted entry points.
Carl Moon’s accurate bearish target call and forward-looking view on possible price recovery highlight the significance of technical levels in guiding trader behavior, particularly in volatile altcoin markets.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
