Will SOL Crash? Solana Price Prediction for August 13

The post Will SOL Crash? Solana Price Prediction for August 13 appeared first on Coinpedia Fintech News

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.

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. 

#Solana could be forming a head and shoulders pattern in the hourly chart, which suggests that a drop below $141 might trigger a correction that sends $SOL to $122! pic.twitter.com/o39Vn0FY8z

At press time, SOL is trading near the $146 level and has seen a price decline of 2% in the last 24 hours. Additionally, it has been moving sideways throughout the days. Meanwhile, its trading volume has dropped by 17%, during the same period, indicating lower participation from investors and traders.

According to expert technical analysis, Solana (SOL) is still in an uptrend as it is moving above the 200 Exponential Moving Average (EMA) on a daily time frame, despite a 10% price drop over the last four trading days. However, it has also formed a bearish head and shoulder price action pattern.

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.

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.