{"id":548552,"date":"2023-08-23T13:40:48","date_gmt":"2023-08-23T13:40:48","guid":{"rendered":"https:\/\/wncen.com\/?p=548552"},"modified":"2024-06-11T14:28:41","modified_gmt":"2024-06-11T14:28:41","slug":"solana-in-turbulence-analyzing-the-death-cross-and-what-lies-ahead","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-in-turbulence-analyzing-the-death-cross-and-what-lies-ahead\/","title":{"rendered":"Solana In Turbulence: Analyzing The Death Cross And What Lies Ahead"},"content":{"rendered":"
Solana (SOL) has found itself under the shadow of a foreboding technical pattern known as the “Death Cross.” This ominous occurrence, defined by the 50-day moving average crossing below the 200-day moving average, has historically heralded significant price downturns.\u00a0<\/span><\/p>\n Investors are now eyeing the charts as SOL grapples with this pattern once again, raising questions about its future trajectory.<\/span><\/p>\n For the uninitiated in the intricacies of technical analysis, the Death Cross is akin to a storm warning on the horizon. It emerges when a short-term moving average dives beneath a long-term moving average, signaling potential tumult ahead. <\/span><\/p>\n The last instance when <\/span>Solana encountered the Death Cross<\/span><\/a> was back in 2022, and the aftermath was far from favorable \u2013 a considerable downtrend that sent ripples through the crypto market.<\/span><\/p>\n Fast forward to the present, and Solana finds itself at a crossroads once more. As of now, SOL is valued at $20.84 according to <\/span>CoinGecko<\/span><\/a>, reflecting a 1.4% gain over the last 24 hours.<\/span><\/p>\n However, a more concerning figure emerges when considering the seven-day performance, which showcases an 11.1% slump. These numbers underscore the significance of the pending death cross and the apprehensions it invokes.<\/span><\/p>\n <\/p>\n Analyzing the market structure on the 1-day chart reveals a <\/span>bearish picture for SOL<\/span>. The cryptocurrency recently established a lower high at $25.68 coupled with a lower low at $22.23 on August 5. <\/span><\/p>\n Subsequent weeks witnessed the gradual formation of a downtrend, amplifying concerns among traders and investors.\u00a0<\/span>Further technical indicators add weight to the concerns.\u00a0<\/span><\/p>\n The On-Balance Volume (OBV) has been painting a discouraging narrative as well, with declining demand for SOL evident through the formation of lower highs since mid-July.<\/span><\/p>\nSOL market cap at $8.4 billion on the daily chart: TradingView.com<\/a><\/pre>\n
Bearish Solana Trends And Lingering Uncertainties<\/strong><\/span><\/h2>\n