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.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/market/solana-hits-bearish-target-at-152-76-eyes-potential-reversal/