{"id":548552,"date":"2023-08-23T13:40:48","date_gmt":"2023-08-23T13:40:48","guid":{"rendered":"https:\/\/uniquehot.com\/?p=548552"},"modified":"2024-06-11T14:28:41","modified_gmt":"2024-06-11T14:28:41","slug":"solana-in-turbulence-analyzing-the-death-cross-and-what-lies-ahead","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana-in-turbulence-analyzing-the-death-cross-and-what-lies-ahead\/","title":{"rendered":"Solana In Turbulence: Analyzing The Death Cross And What Lies Ahead"},"content":{"rendered":"

Solana (SOL) has found itself under the shadow of a foreboding technical pattern known as the “Death Cross.” This ominous occurrence, defined by the 50-day moving average crossing below the 200-day moving average, has historically heralded significant price downturns.\u00a0<\/span><\/p>\n

Investors are now eyeing the charts as SOL grapples with this pattern once again, raising questions about its future trajectory.<\/span><\/p>\n

For the uninitiated in the intricacies of technical analysis, the Death Cross is akin to a storm warning on the horizon. It emerges when a short-term moving average dives beneath a long-term moving average, signaling potential tumult ahead. <\/span><\/p>\n

The last instance when <\/span>Solana encountered the Death Cross<\/span><\/a> was back in 2022, and the aftermath was far from favorable \u2013 a considerable downtrend that sent ripples through the crypto market.<\/span><\/p>\n

Fast forward to the present, and Solana finds itself at a crossroads once more. As of now, SOL is valued at $20.84 according to <\/span>CoinGecko<\/span><\/a>, reflecting a 1.4% gain over the last 24 hours.<\/span><\/p>\n

However, a more concerning figure emerges when considering the seven-day performance, which showcases an 11.1% slump. These numbers underscore the significance of the pending death cross and the apprehensions it invokes.<\/span><\/p>\n

<\/p>\n

SOL market cap at $8.4 billion on the daily chart: TradingView.com<\/a><\/pre>\n
Bearish Solana Trends And Lingering Uncertainties<\/strong><\/span><\/h2>\n
Analyzing the market structure on the 1-day chart reveals a <\/span>bearish picture for SOL<\/span>. The cryptocurrency recently established a lower high at $25.68 coupled with a lower low at $22.23 on August 5. <\/span><\/p>\n
Subsequent weeks witnessed the gradual formation of a downtrend, amplifying concerns among traders and investors.\u00a0<\/span>Further technical indicators add weight to the concerns.\u00a0<\/span><\/p>\n
The On-Balance Volume (OBV) has been painting a discouraging narrative as well, with declining demand for SOL evident through the formation of lower highs since mid-July.<\/span><\/p>\n
Related Reading:  Polygon (MATIC) At June Lows Again \u2013 Prospects For Bullish Recovery?<\/a><\/div>\n
The Relative Strength Index (RSI) depicts a recent bearish momentum, hinting at potential further declines.\u00a0<\/span>Additionally, the moving averages stand on the cusp of signaling a dip, adding to the prevailing unease.<\/span><\/p>\n
Meanwhile, bearish mood prevailed in the market, based on Open Interest.<\/a> Even though SOL was at long-term support, the drop in OI over the last 10 days was significant, and it has not reversed the downturn.<\/p>\n
\"\"<\/p>\n
Source: Coinglass<\/pre>\n
Potential Impact On Investor Sentiment And TVL<\/strong><\/h2>\n
Despite Solana’s current Total Value Locked standing at a noteworthy $243.85 million, the looming death cross looms as a destabilizing factor. Past experiences have shown that such ominous patterns can erode investor sentiment, potentially leading them to seek safer investment options.<\/span><\/p>\n
Related Reading:  AVAX Network Activity Down \u2013 Will The Planned Token Unlock Bring Back The Energy?<\/a><\/div>\n
Consequently, the TVL could face downward pressure as investors contemplate safeguarding their capital amidst uncertain times.<\/span><\/p>\n
As the crypto community holds its breath, the coming weeks will undoubtedly be critical for Solana. Traders and investors will closely watch for signals of whether history will repeat itself, or if SOL will manage to defy the ominous prophecy of the death cross and forge a different path.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from Getty Images<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Solana (SOL) has found itself under the shadow of a foreboding technical pattern known as the “Death Cross.” This ominous occurrence, defined by the 50-day moving average crossing below the 200-day moving average, has historically heralded significant price downturns.\u00a0 Investors are now eyeing the charts as SOL grapples with this pattern once again, raising questions about its future trajectory. For the uninitiated in the intricacies of technical analysis, the Death Cross is akin to a storm warning on the horizon. It emerges when a short-term moving average dives beneath a long-term moving average, signaling potential tumult ahead. The last instance when Solana encountered the Death Cross was back in 2022, and the aftermath was far from favorable \u2013 a considerable downtrend that sent ripples through the crypto market. Fast forward to the present, and Solana finds itself at a crossroads once more. As of now, SOL is valued at $20.84 according to CoinGecko, reflecting a 1.4% gain over the last 24 hours. However, a more concerning figure emerges when considering the seven-day performance, which showcases an 11.1% slump. These numbers underscore the significance of the pending death cross and the apprehensions it invokes. SOL market cap at $8.4 billion on the daily chart: TradingView.com Bearish Solana Trends And Lingering Uncertainties Analyzing the market structure on the 1-day chart reveals a bearish picture for SOL. The cryptocurrency recently established a lower high at $25.68 coupled with a lower low at $22.23 on August 5. Subsequent weeks witnessed the gradual formation of a downtrend, amplifying concerns among traders and investors.\u00a0Further technical indicators add weight to the concerns.\u00a0 The On-Balance Volume (OBV) has been painting a discouraging narrative as well, with declining demand for SOL evident through the formation of lower highs since mid-July. Related Reading: Polygon (MATIC) At June Lows Again \u2013 Prospects For Bullish Recovery? The Relative Strength Index (RSI) depicts a recent bearish momentum, hinting at potential further declines.\u00a0Additionally, the moving averages stand on the cusp of signaling a dip, adding to the prevailing unease. Meanwhile, bearish mood prevailed in the market, based on Open Interest. Even though SOL was at long-term support, the drop in OI over the last 10 days was significant, and it has not reversed the downturn. Source: Coinglass Potential Impact On Investor Sentiment And TVL Despite Solana’s current Total Value Locked standing at a noteworthy $243.85 million, the looming death cross looms as a destabilizing factor. Past experiences have shown that such ominous patterns can erode investor sentiment, potentially leading them to seek safer investment options. Related Reading: AVAX Network Activity Down \u2013 Will The Planned Token Unlock Bring Back The Energy? Consequently, the TVL could face downward pressure as investors contemplate safeguarding their capital amidst uncertain times. As the crypto community holds its breath, the coming weeks will undoubtedly be critical for Solana. Traders and investors will closely watch for signals of whether history will repeat itself, or if SOL will manage to defy the ominous prophecy of the death cross and forge a different path. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Getty Images<\/p>\n","protected":false},"author":557,"featured_media":548560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3],"tags":[142,1144,8686,4735,86420,83626],"class_list":["post-548552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-price-action","tag-sol-price","tag-solana"],"acf":[],"yoast_head":"\nSolana In Turbulence: Analyzing The Death Cross<\/title>\n<meta name=\"description\" content=\"Solana (SOL) has found itself under the shadow of a foreboding technical pattern known as the "Death Cross." 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Encila","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","caption":"Christian Encila"},"description":"They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana In Turbulence: Analyzing The Death Cross And What Lies Ahead","url":"http:\/\/uniquehot.com\/news\/solana-in-turbulence-analyzing-the-death-cross-and-what-lies-ahead\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/solana-in-turbulence-analyzing-the-death-cross-and-what-lies-ahead\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/a-136.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/a-136.png?fit=572%2C319"},"articleSection":"All","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","ethusd","price action","sol price","solana"],"dateCreated":"2023-08-23T13:40:48Z","datePublished":"2023-08-23T13:40:48Z","dateModified":"2024-06-11T14:28:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana In Turbulence: Analyzing The Death Cross And What Lies Ahead\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana-in-turbulence-analyzing-the-death-cross-and-what-lies-ahead\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana-in-turbulence-analyzing-the-death-cross-and-what-lies-ahead\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-136.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/a-136.png?fit=572%2C319\"},\"articleSection\":\"All\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"ethusd\",\"price action\",\"sol price\",\"solana\"],\"dateCreated\":\"2023-08-23T13:40:48Z\",\"datePublished\":\"2023-08-23T13:40:48Z\",\"dateModified\":\"2024-06-11T14:28:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/a-136.png?fit=572%2C319","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548552"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=548552"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/548560"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=548552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=548552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=548552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}