Will SOL Crash? Solana Price Prediction for August 13

Story Highlights

• Solana has formed a head and should pattern, if SOL breaches the $139 level it could fall to the $122 level.

• SOL is still in an uptrend as it is moving above the 200 EMA on a daily time frame.

• SOL is trading near the $146 level and has seen a price decline of 2% in the last 24 hours.

Solana (SOL), the world’s fifth-biggest cryptocurrency along with other top assets has been experiencing continuous selling pressure following the formation of a bearish price action pattern in its 4-hour time frame. This bearish pattern was also shared by a prominent analyst on X (previously Twitter) on August 13, 2024.

Will SOL Crash?

According to the post on post on X, Solana has formed a bearish head and should price action pattern. If SOL breaches the $141 level, it could experience a massive sell-off to the $122 level.

If SOL gives a breakdown of this pattern and closes a 4-hour candle below $139, there is a high possibility it could fall to $120 or $122 in the coming days. Currently, SOL is consolidating in a tight range between $141 and $148 over the last two days. To remain uptrend, it has to hold itself above the $141 level.

SOL’s open interest

Due to the current bearish chart pattern, SOL’s open interest has also dropped by 0.5% in the last 24 hours. This drop in open interest indicates a lower interest from investors and traders, in this range-bound market.

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