Hi Guys,
It's Big & Big #alert About $SOL Death Cross !!!
Solana’s ‘death cross’ dilemma: Can bulls overcome $127 barrier?
Solana faces a tough battle at the $125-$127 support, with a failure to hold potentially leading to deeper declines in the near term.
Solana [SOL] continued its long-term downtrend, with bearish momentum intensifying after the price recently fell below the crucial 200-day EMA.
The downtrend was further confirmed by a death cross, a bearish technical signal where the 20-day EMA crosses below the 200-day EMA. Historically, Solana has seen extended periods of bearish pressure following a death cross.
At press time, SOL traded at $129, declining by around 5% in the last 24 hours. The bears have been consistently testing the $125-$127 support range for over five months, and a failure to hold this level could expose SOL to further downside.
Bearish signals persist for Solna after a death cross
The $125-$127 support range remained critical for Solana. If the bears manage to push below this zone, the next significant support stood near $117 and could become the target in the event of further declines.
On the upside, bulls need to break past the 20-day EMA ($135.92), 50-day EMA ($143.15), and 200-day EMA ($139.58) to initiate any potential recovery.
However, this will be an uphill battle given the current bearish sentiment in the market.
Additionally, the long-term trendline resistance continued to cap any upward movement. SOL would need a strong breakout above this level to reverse the prevailing trend.
The Relative Strength Index (RSI) was below equilibrium, depicting a bearish edge. An immediate reversal isn’t a given since it had yet to hit the oversold mark. For a potential bullish comeback, the RSI would need to climb above the neutral 50 level.
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