Solana’s price quickly rebounded to the $150 mark after a sharp drop on Monday, but this strong recovery is facing a challenge that cannot be ignored - the upcoming "death cross", which is like a dark cloud hanging over the upward trend and may indicate a reversal of the market.
Since the sudden market turmoil on Monday, Solana has shown amazing resilience. Its price has not only stabilized quickly, but has also continued to rise driven by multiple forces. This recovery is not only a positive response to the market adjustment since early July, but also a strong proof of Solana's technical strength and market confidence. As traders' confidence gradually recovers, a new wave of SOL's rise seems to be ready.
From the daily chart, Solana hit a low of $109 in Monday's plunge, but then quickly rebounded to above $120 like a spring. In this process, the enthusiasm for buying on dips was thoroughly ignited, laying a solid foundation for the subsequent rise of SOL. It is worth noting that with the sharp decrease in the liquidation volume in the futures market, from billions of dollars to less than $120 million, Solana's upward path seems to be gradually becoming flat and stable.
The significant increase in total locked value TVL, which jumped from US$3.8 billion to US$4.81 billion, adds to Solana’s upward trend. This data not only reflects a significant improvement in market sentiment, but also indicates investors' high recognition and expectations for Solana's future development.
From a technical perspective, Solana price is firmly above the 200-day exponential moving average EMA, providing solid support for the rebound. The relative strength index RSI is steadily rising in the neutral zone, indicating that stronger upward momentum is accumulating. Traders may be holding their breath, expecting the RSI to break through the key psychological level of 50, thereby triggering more buy signals.
The upcoming "death cross" is like a shadow, looming over Solana's upward path. The emergence of this technical pattern is often seen as a signal that the market trend is about to change. Therefore, it is particularly important for long-term investors to remain vigilant and pay close attention to market dynamics.
Despite this, we still have reason to be confident about Solana's future. In the short term, as selling pressure eases and investor confidence increases, SOL prices are expected to continue to rise steadily. In the long run, although the "death cross" may bring certain market fluctuations and adjustments, the technical strength and market potential demonstrated by Solana will undoubtedly provide a continuous source of power for its future rise.
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