Solana Price Faces First Death Cross After 17 Months; What’s Next
Solana has faced a huge struggle in recent weeks, especially in order to violate the key resistance of $183. Altcoin’s inability to break through this level caused a pullback, and its transaction price was around $150.
Recent market conditions characterized by death crosses suggest that there may be more downward pressure.
Solana faces death cross
Solana has recently experienced it Its first death cross ended its 17-month golden cross since October 2023. The death cross occurs when the 200-day exponential moving average (EMA) exceeds the 50-day EMA. Historically, this is a bearish signal for assets as it indicates a weaker momentum and a further decline in potential.
The technical metric has raised concerns about Solana’s resilience and could trigger additional sales, resulting in a spiral decline. The emergence of a death cross usually indicates that the seller controls the market and that prices may continue to decline.
Overall macro momentum Solana also showed Signs of weakening. An important indicator of this transition is the reduction of new addresses interacting with the Solana network. The number of new addresses has dropped to a 4-month low, indicating a lack of new investor interest.
This decline suggests that Solana has lost its appeal in the market as investors do not immediately tend to put their capital into altcoins. As the number of new participants decreases, Solana is at risk of further stagnation.
Sol prices need to be increased
When writing, Prices of Solana The distance of $149 is $149, and the key resistance of $183 is about 23%. Although Altcoin stays above $137, it will struggle to restore upward momentum unless it can undermine this level of resistance. At this level, without a reversal, Solana may still be trapped within its current downtrend.
Given bearish technical factors, Solana may have difficulty maintaining its current price level. Solana’s next key support is $131. If the downward trend continues, it may drop to this level. Losing support at $131 could lead to further declines, while the short-term potential drop to $120.
The only way to invalidate this bearish outlook is Solana can be capitalized In terms of broader market recycling. If Altcoin could violate $161, that would be a strong sign that it gains power again. This successful flip of resistance could put the stage over $183 and reverse the current downward trend.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
