Solana’s long bull run may be unfortunately ending soon. A death cross pattern is forming on its price chart, which isn’t a good sign for its latest bull run. This situation might change how investors view SOL, Solana’s main cryptocurrency.
Let’s dive right in and see if Solana’s bull run could end soon.
Also Read: Shiba Inu Member Explains How SHIB Can Reach $0.01
Navigating Solana’s Market: SOL Price Predictions and Investment Risks
Death Cross Signals Potential Trend Reversal
Source: TradingView
Solana’s price chart shows a worrying sign, and the market is eager to see how it evolves. The 200-day EMA is about to cross above the dreaded 50-day EMA.
As the name suggests, this is called a death cross, and it might be the end of SOL’s boost. It suggests SOL’s strong performance since October 2023 has been just another period that might end soon.
Critical Support Levels Under Pressure
Source: TradingView
SOL’s price is testing key support levels as we speak. The $120 mark has held the position since March. If it breaks, we could see a lot of selling, which might erase gains from the past year.
Short-Term Hope Amidst Long-Term Concerns
The big picture looks unfortunately bearish, but short-term signs offer a little bit of hope. The MACD shows bearish momentum that may be slowing near the $124 mark. This could give SOL holders a short break, but it remains to be seen.
Also Read: ETH to $3K by December? Expert Insights You Need to Know Now!
Key Resistance and Support Levels to Watch
Source: TradingView
Solana’s price is around $13 at press time. It’s unfortunately stuck between some important levels. $138 is a tough barrier to break, and $124 is protecting it from falling further. Will SOL be successful? Only time will tell.
Solana Investment Risks and Market Volatility
Crypto markets are always volatile, and that’s nothing new. The latest Solana situation makes this even more true, and offers a useful example. The possible death cross adds to the risk, of course. Investors should think carefully about how much risk they can handle and make informed decisions about their Solana holdings.
Also Read: Cryptocurrency Millionaire Loses Fortune of $132 Million in Trading Bet
Looking Ahead: SOL Price Predictions
Source: Changelly
Short-term price changes are still possible, and the long-term SOL price predictions are cautiously positive. However, the potential death cross makes things uncertain. Investors should watch market trends closely and be ready to change their plans in a jiffy.
Solana is at a turning point as we speak. That said, the next few days will be crucial for the coin’s future. We’ll see if SOL can stay bullish or if a new trend is coming.