Solana (SOL) struggles have continued as volatility hits the crypto market on the last Friday of May 2025. But besides that, Solana has also formed a double top pattern. This pattern is usually interpreted to be bearish, further adding pressure on the price of Solana. 

The technical indicators of SOL, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are also depicting an incoming downtrend. With Solana now struggling, bearish momentum could cause a dip towards the $145. 

SOL Forms a Double Top Pattern on the 4-Hour Chart

The SOL/USDT 4-hour chart on TradingView shows that Solana has formed a double top pattern. This pattern is usually characterized by two peaks in closely the same spot and is often considered bearish. The pattern comes after an uptrend and often signifies that the price of the token is going to reverse. 

For Solana, the first peak formed around the $185 price following an attempt to breach this level. However, failure to clear the resistance caused a price drop to the $160 region (current neckline). After this, the coin found its footing and made yet another attempt to breach the resistance. But for the second time SOL hit resistance at the same spot and dipped. This resulted in the bearish double top pattern. 

Continued bearish momentum in the price of Solana might thus result in a dip to $145. This level serves as the base where the double top pattern began. Such a drop could result in massive losses for SOL investors. 

Solana’s Technical Indicators Point to Potential Dip

Besides the double pattern formation, Solana’s technical indicators are also pointing to a bearish trend as per TradingView data. The RSI of Solana for instance is currently sitting at 32.68, dropping from 39.39 over the last 4 hours. This drop in the RSI indicates the ongoing bearish momentum. 

On the other hand, the MACD of Solana is also bearish. For instance, the MACD line is currently sitting at -2.93 below the signal line at -1.95. With the two lines moving further apart, it shows that the gap between the MACD and signal line could widen further, pointing to tough times ahead for the price of SOL. Additionally, the histogram is negative with the bearish bars increasing in size and red color, further confirming the bearish pressure. 

Key Levels and Potential Scenarios

TradingView data shows that Solana is currently trading at $163.08. This level sits just close to the $160 zone, serving as the neckline of the bearish double top pattern formation. If Solana continues to face bearish pressure, a breach of this level could cause a significant price drop. 

The next support for the price of SOL lies around $154. However, continued selling by investors must trigger a drop to the next support around the $145 level aligning with the projection of the double top pattern. 

However, if Solana holds the current support and technical indicators flip bullish, SOL might face a reversal. Such an incident would push Solana towards $169 which is serving as the immediate resistance. Clearing this resistance could result in upward price movement towards the next resistance at $177 or even $185, which would then invalidate the bearish projection.