Solana is currently forming a bearish descending triangle pattern, which will be confirmed if the price breaks and closes below $118. However, bulls are strongly defending a decline below the immediate Fib channels. As of writing, SOL price trades at $137, declining over 0.7% in the last 24 hours.A break above the trend line might send the price toward a retest of $188. Conversely, if the price declines from the 20-day EMA and falls below $118, it will solidify the bearish pattern. The pair might then drop to $80.
