Solana Price Prediction: Why is $SOL Price Crashing? - CoinPedia Analytics

With a 19.14% drop last week, the price for the downtrend continues for Solana this week, with a 5.47% fall last night and breaking below the $130 mark. Further, the recent double-top reversal breaks the neckline at $138 near the 200-day EMA, and the SOL price tests the bottom support zone at $121. The demand zone at $121 has provided multiple bounce-backs for Solana since the start of 2024. However, the recent double-top reversal warns of a breakdown rally. 

Currently, the SOL price is trading at $127 with a Doji intraday candle following the bearish engulfing candle last night. With the long-tail formation, the underlying demand can result in a new bull cycle. The declining trend in the 50-day EMA warns of a death cross with the 200-day EMA. This will mark a significant bearish signal over the Solana chart. The daily RSI line shows a minor bullish divergence compared to the last bottom formation. This suggests the possibility of a minor SOL price recovery to challenge the 200-day EMA, which stands at $140.