On Friday, #solana hovered around $83, with little movement during the day, but it was down about 10% for the week. This decline has brought SOL close to the bottom of its recent price range again, and there are no clear signs of a rebound yet.
Technically, SOL remains under considerable pressure. Its price is now well below the 50-day moving average (around $99) and the 200-day moving average (around $97).
Put simply, moving averages can help gauge the market’s overall trend. When a coin’s price falls below both averages, it usually indicates that buying pressure is weak. These averages may also become resistance during a rebound, meaning that even if SOL rises, it could face selling pressure as it approaches the $97–$99 range.
More notably, the 50-day and 200-day moving averages are now very close together. If the short-term trend remains weak, the 50-day average could fall below the 200-day average, forming what is known as a death cross. This is generally seen as a sign that the market trend may weaken further.
What to watch next: Can SOL gradually reclaim the $97–$99 range? If it cannot move back above this range, short-term weakness may persist. A breakout and sustained move above it would be needed to improve the current technical picture.
Technically, SOL remains under considerable pressure. Its price is now well below the 50-day moving average (around $99) and the 200-day moving average (around $97).
Put simply, moving averages can help gauge the market’s overall trend. When a coin’s price falls below both averages, it usually indicates that buying pressure is weak. These averages may also become resistance during a rebound, meaning that even if SOL rises, it could face selling pressure as it approaches the $97–$99 range.
More notably, the 50-day and 200-day moving averages are now very close together. If the short-term trend remains weak, the 50-day average could fall below the 200-day average, forming what is known as a death cross. This is generally seen as a sign that the market trend may weaken further.
What to watch next: Can SOL gradually reclaim the $97–$99 range? If it cannot move back above this range, short-term weakness may persist. A breakout and sustained move above it would be needed to improve the current technical picture.
