With cryptocurrencies being in a freefall, even the best performers are not being spared. Solana meme ai16z price has joined other tokens in having double-digit losses this week. It has formed a risky chart pattern that points to a downside, potentially $1. Ai16z Price Analysis As A Risky Pattern Emerges The ai16z price has become one of the best-performing cryptocurrencies in the past few months as investors rotated to AI agent and Solana meme coins. It soared by over 13,000% from its lowest point in November and its highest point this year. The 4H chart suggests that the token may have more downside in the near term as it gets towards the markdown phase. It has formed what resembles a double-top chart pattern at $2.36, a popular bearish reversal sign whose neckline is at $1.7198. The ai16z coin has also moved below the 50-period moving average and is slowly nearing the neckline. Therefore, a drop below the neckline at $1.7198 will validate the double-top pattern and point to more downside. Such a price action will lead to a more downtrend, potentially to the psychological point at $1, about 45% below the present level. This price is notable because it also coincides with the highest point on December 13. The bearish outlook will become invalid if the token rises above the double-top point around the $2.40 level. Such a move will mean more buyers in the market may want to push it to the psychological level at $2. ai12z Price Chart Wyckoff Method Explains The Solana Meme AI16Z Crash The ai16z price has crashed because of the ongoing sell-off in the crypto industry that has affected meme coins substantially. CoinGecko data shows that most Solana meme coins have plunged by double-digits in the last 24 hours. That crash has dropped their combined market cap from over $21 billion last weekend to $18.6 billion. Solana Meme Coins Pengu Penguins, Bonk, Dogwifhat, Fartcoin, Popcat, and Gigachad have all plunged by over 10% in this period. Bitcoin has also plunged below $95,000, leading to more sell-offs among smaller tokens. The concept of the Wyckoff Method also explains why the ai16z price has crashed. This approach explains how assets move from an accumulation phase with little price movement, followed by markup, distribution, and markdown. The daily chart below shows these stages on the ai16z token. It remained in an accumulation in November, then the markup started in December. The recent movement could be part of the distribution and will be followed by the markdown. The post Solana Meme ai16z Price Risky Pattern Points To a Crash To $1 appeared first on CoinGape .
