Solana (SOL) records a gold cross, what is the price reaction?
Solana recorded a rare gold cross.
#Solana prices retreated within 24 hours with only small losses.
The Solana ecosystem has praised its potential and the prospects of the #SOL #ETF product.
Solana (SOL), also known as the #Ethereum killer, has completed the golden cross pattern that the community has been waiting for for days. Golden crosses usually indicate potential upward price momentum. It serves as a technical confirmation of a bullish pattern in the underlying asset. A golden cross occurs when an asset's short-term moving average crosses above its long-term moving average. In other words, the 50-day moving average crosses above the 200-day moving average. When this happens, the asset tends to continue rising for a period of time. Conversely, a death cross indicates a bearish price trend.
On Solan's daily chart, the daily SMA 50 crossed above the SMA 200. However, this event has not yet led to the bullish trend expected for altcoins. According to current market data, the SOL price is trading at $174.48, which represents a 2.83% drop in the last 24 hours.
This drop came after the coin peaked at $183, which fueled investors' expectations for further gains in line with the golden cross.
The last golden cross seen in Solana almost a year ago, in October 2023, pushed the SOL price up more than 890%. As a result of this push, Solana's price reached $209 in March 2024.
this golden cross of Ethereum's competitor has its own unique twist, a rare sign at a time when most coins are rising; even when Solana's price has fallen, some members of the community are still expecting a rise, hoping history will repeat itself. It did.
Despite the price drop, Solana remains popular among cryptocurrency users. It is worth noting that the Layer-1 blockchain has high bandwidth and is a secure, fast and scalable infrastructure for decentralized applications (dApps).
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