Worrying Solana Technicals Hint SOL Price Will Crash 35% By September

Solana is tracking broader crypto market trends while combating concerns about repeated network outages and centralization. Altcoin Watch

Solana (SOL) risks a major price correction in the coming weeks due to a classic bearish reversal pattern.

A 35% SOL price correction coming?

On the 3-day chart, the price of SOL has drawn a rising wedge, confirmed by two ascending and converging trend lines and falling trading volumes in parallel.

Rising wedges usually lead to a breakout, resolving after the asset price breaks below the lower trendline. If the price follows the breakout scenario, it could fall by as much as the maximum distance between the upper and lower trendline of the wedge.

SOL is far from broken, but is trading in a descending range, as shown in the chart below. The token is eyeing an immediate pullback from the upper trendline of the wedge with its tentative downside target being at the lower trendline around $45.

3-Day SOL/USD Price Chart . Source: TradingView

It is likely to fall towards $30 if the price breaks below the lower trendline while accompanying an increase in trading volumes. In other words, a 35% price drop by September.

Conversely, a rebound from the lower trendline could cause SOL to consider an immediate rebound towards the high point of the wedge at around $53.50.

A decisive break above the upper trendline would invalidate the bearish reversal pattern, should SOL reach the 50-3D Exponential Moving Average (50-3D EMA; the red wave) near $58.

$SOL daily close above $45

25% size entered (bear market size)

will stop with near under $42, otherwise targeting $56-60 https://t.co/US0ucViHN6