Recent market conditions Solana, marked by the Cross Scheme of Death, point to a potential further decline for altcoin.
Solana falls and faces a deadly cross
The Solana course faced its first death scheme since October 2023 and ended 17 consecutive months of Golden Cross training. The death cross case occurs when the exponential mobile average (EMA) over 200 days exceeds more than 50 days. In general, this is a reduction in the signal for the assets, as it indicates the weakening of dynamics and another decline in the course.
Therefore, this technical indicator raises concerns about Solana’s ability to straighten and can cause additional land sales, contributing to a descending spiral for an altcoin course. Indeed, the appearance of the crisis cross often suggests that sellers control the market and the course could continue to slip.
The global macro dynamics of Solana also showed signs of weakening, especially when the new addresses interacting with Solana networks. The number of new addresses fell to the cavity for 4 months, which signaled the lack of interest of new investors.
This decline suggests that Solana loses the attraction 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 can therefore stagnate more.
The floor needs support
At the time of writing this article, Solana is exchanged for $ 149, or about 23 % under critical resistance of $ 183. Although altcoin remains above $ 137, it is difficult for him to find Aoty dynamics if he cannot exceed his resistance. Indeed, without conversion at this level, the country could remain imprisoned in its current declining trend.
Due to reduced technical factors, Altcoin could also try to maintain its current level of course. Another key support of Solana is now $ 131. If the trend of descents continues, there could be an immediate decline at this level. Loss of support of $ 131 could lead to new drops, with a potential decline in the short term.
The only way to abolish this perspective down would be to benefit from restoring the entire crypto market. If altcoin manages to exceed $ 161, it would be a remarkable sign of the renewed force. The successful transformation of this resistance to support could then prepare the soil for passing over $ 183 and reversing the current trend down.
Morality History: Solana never falls only once.
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