Death Cross Looms: Can Solana Survive the Bear?

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Death Cross Looms: Can Solana Survive the Bear? 🐻

Death Cross Looms: Can Solana Survive the Bear?

Oh joy, oh rapture! Solana (SOL) is on the brink of a “death cross,” a technical indicator that’s just a fancy way of saying “we’re all doomed.” 🚨

A death cross occurs when the short-term moving average (50-day SMA) falls below the long-term average (200-day SMA). And, oh boy, Solana’s 50-day SMA is currently plummeting, indicating a potential crossover with the 200-day SMA at $184.03. 📉

This is like the cryptocurrency equivalent of a bad omen, a harbinger of doom that says, “Hey, Solana, you’re not as hot as you used to be.” 😴

And, of course, this is all happening at the worst possible time, when sentiment is already sour and people are running for the hills. It’s like the cryptocurrency market is one big, sad, messy divorce party. 🎉

Cryptocurrency prices are tanking, and Solana is right there with them, down 5.11% in the past hour, 9.11% in the last 24 hours, and a whopping 23.10% weekly. It’s like the whole market is saying, “Solana, you’re not worth it.” 🤦‍♂️

Potential scenarios ahead

Solana is on track to mark its fifth consecutive day of declines since March 6, reaching $120.35 in Monday’s session. At the time of writing, SOL has dropped to $121.12, and it’s anyone’s guess what will happen next. 🤔

There are two possible scenarios: either Solana will confirm a bottom and start rising again, or it will continue to tank and reach new lows. 🤷‍♂️

Key support levels to watch include $109 and $88. If Solana can hold above these levels, it might attract some buyers looking for value, leading to a price rebound. But if it falls below these levels, well… let’s just say it’s not looking good for SOL. 😬

On the other hand, if Solana has already confirmed a bottom, it might just consolidate for a bit before its next major move. But until then, it’s anyone’s guess what will happen next. 🤷‍♂️

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2025-03-10 19:35