A Death Cross risks new drops

The recent Solana market conditions, marked by a Death Cross scheme, point to a potential additional drop for Altcoin. Solana falls and faces a Death Cross The Solana course has been facing its first Death Cross scheme since October 2023, ending 17 consecutive months of Golden Cross training.

A case of Death Cross occurs when the exponential mobile average (EMA) over 200 days crosses that over 50 days. It is generally a lowering signal for the assets in question, as it suggests a weakening of the dynamics and an additional drop for the course. This technical indicator therefore raises concerns about Solana’s ability to straighten up and could trigger additional soil sales, contributing to a descending spiral for the Altcoin course. Indeed, the appearance of a Death Cross often indicates that sellers control the market, and the course could continue to slip. Solana Death Cross. Source: TradingView The Global Macro dynamic of Solana has also shown signs of weakening, especially in the reduction of new addresses interacting with the Solana network. The number of new addresses fell to a hollow of 4 months, signaling a lack of interest from new investors. This decline suggests that Solana loses its appeal on the market, because investors do not see any immediate incitement to invest in this Altcoin. As the number of new participants decreases, the course of the soil may therefore stagnate more. Solana new addresses. Source: Glassnode The ground does need a boost when writing this article, Solana is exchanged at $ 149, or about 23 % below its critical resistance of $ 183. Although Altcoin remains above $ 137, he will find it difficult to find aoty dynamic unless he can cross his resistance. Indeed, without a reversal at this level, the course of the ground could remain trapped in its current downward trend. Given the lowered technical factors, Altcoin could also struggle to maintain its current level of course. The next key support for Solana is now at $ 131. If the downward trend continues, a fall at this level could be imminent. A loss of the support at $ 131 could in turn lead to new drops, with a potential fall at $ 120 in the short term. Analysis of the Solana course. Source: TradingView the only way to cancel this downward perspective would be solana to benefit from a resumption of the entire Crypto market. If the Altcoin then manages to cross $ 161, it would be a notable sign of renewed strength. A successful conversion of this resistance into support could then prepare the ground for a passage beyond $ 183 and a reversal of the current downward trend. Morality of history: Solana never falls only once. Notice of non-responsibility Non-responsibility notice: In accordance with the guidelines of The Trust Project, this article of price analysis is only intended for information purposes and should not be considered as financial or investment advice. Beincrypto undertakes to provide exact and impartial information, but market conditions may change without notice. Always carry out your own research and consult a professional before making any financial decision.

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