Solana price bottom below $100? Death cross hints at 30% drop 📉
Solana's price recently formed a "death cross" on the one-day chart, indicating a bearish outlook as the altcoin trades near its support level at $125. Such a formation could lead to a price drop below $100, signaling a potential 30% decline.
A death cross occurs when the short-term moving average crosses below the long-term moving average, suggesting potential downward pressure. Historically, Solana has seen significant declines following these patterns, although past performance offers mixed outcomes regarding reversals.
Traders are watching for support between $125 and $110 to hold strong for bullish prospects. A break below this range could trigger further drops, while a divergence on smaller timeframes may offer a glimmer of bullish hope.
Overall, the market remains cautious amid historically bearish signals and lackluster network activity on Solana's blockchain.
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