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<p>The post <a href="https://coinpedia.org/news/alert-solana-about-to-crash-traders-watch-these-crucial-levels/" rel="noopener noreferrer nofollow">Alert! Solana About to Crash – Traders Watch These Crucial Levels</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Solana (SOL), the world’s fifth-biggest cryptocurrency looks to crash as it has broken down a crucial bearish price action pattern. According to price action and technical analysis, SOL has recently experienced a breakdown of bearish head-and-shoulder price action patterns in a 4-hour time frame.&nbsp;</p>
<h2 class="wp-block-heading" id="h-solana-price-prediction-for-august-2024"><strong>Solana Price Prediction for August 2024</strong></h2>
<p>If SOL closes a 4-hour candle below $137.5, there is a high possibility that SOL could fall another 7%-8% to $125 in a few hours or the coming days. Based on past analysis, whenever the assets give a breakdown of head-and-should pattern they always tend to experience significant price drops.</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/16210509/SOLUSDT_2024-08-16_21-04-57-1024x448.png" alt="" class="wp-image-339409" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/16210509/SOLUSDT_2024-08-16_21-04-57-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/16210509/SOLUSDT_2024-08-16_21-04-57-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/16210509/SOLUSDT_2024-08-16_21-04-57-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/16210509/SOLUSDT_2024-08-16_21-04-57-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/16210509/SOLUSDT_2024-08-16_21-04-57-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/16210509/SOLUSDT_2024-08-16_21-04-57.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px">
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  Source: Trading View
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<p>However, this time there is a similar anticipation from the current SOL’s breakdown. With this breakdown, SOL falls below the 200 Exponential Moving Average (EMA) on a daily time frame. The SOL price below the 200 EMA indicates bearishness.</p>
<h2 class="wp-block-heading" id="h-solana-price-analysis"><strong>Solana Price Analysis</strong></h2>
<p>At press time, SOL is trading near $138.2 and has experienced a price drop of over 5% in the last 24 hours. Meanwhile, its trading volume has increased by 50% during the same period. This increase in trading volume is potentially caused due to fear and bearish market sentiment.</p>
<p>On the other hand, SOL’s open interest has declined by 1.5% in the last 24 hours, indicating lower interest from traders and investors.</p>
<h2 class="wp-block-heading" id="h-major-liquidation-levels"><strong>Major Liquidation Levels</strong></h2>
<p>As of now, SOL’s major liquidation levels are near $136.23 on the lower side and $142 on the upper side, according to the on-chain analytic firm CoinGlass.&nbsp;</p>
<p>If the market sentiment remains bearish and SOL falls to the $136.23 level, nearly $67.70 million worth of long positions will be liquidated, which math create heavy selling pressure. Conversely, if the sentiment changes and SOL rises to the $142 level, nearly $36.40 million worth of short position will be liquidated.&nbsp;</p>
<p>Currently, the market sentiment is bearish and the overall <a href="https://coinmarketcap.com/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency market</a> is down by 2.5%.&nbsp; Whereas, the top assets including <a href="https://coinpedia.org/news/can-bitcoin-hold-58000-heres-what-traders-should-know/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, Ethereum (ETH), and BNB (BNB) experienced a price decline of over 2.2%, 2.6%, and 2.8%, respectively, in the last 24 hours.</p>

Alert! Solana About to Crash – Traders Watch These Crucial Levels

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