$SOL Price Faces Double-Top Threat: Will SOL Crash to $140? - CoinPedia Analytics

The breakdown from this consolidation phase has shifted market sentiment for SOL to a bearish outlook. Moreover, SOL’s daily chart suggests the formation of a bearish double-top pattern, although this pattern is yet to be confirmed. Historically, when SOL approached the $160 level, it faced substantial selling pressure, causing its price to plummet to around $140. There is a strong possibility that SOL could experience a similar drop this time.

Supporting this bearish view, SOL’s open interest has fallen by 7% over the past 24 hours, reflecting decreased investor enthusiasm, according to CoinGlass data. However, the 200 Exponential Moving Average (EMA) still indicates an uptrend for SOL, as the price remains above this moving average. As of the latest update, SOL is trading around $153, marking a decline of over 2.5% in the past 24 hours. Its trading volume has remained stable, with a slight increase of 1.2%, according to CoinMarketCap data.