Solana Death Cross in the Next 24 Hours, SOL Price Drop of 40% Appears Imminent!
Solana is back above $100 after a huge surge at the end of the previous month. With the goal of ending the year on a high note, the asset rose more than 20% from the previous day’s lows around $90 and smashed $108, today hanging around $105.
While the overall market attitude is going highly positive, and the next resistance level is seen as the immediate goal, the support levels must also be attentively monitored.
Bitcoin prices have just soared above $34,000 for the nth time in recent days, indicating that the market is now quite positive. However, sustainability is critical, since the asset has often fallen below $37,000 in a matter of days.
As a result, with the growing positive momentum, the Solana price is projected to test the nearest and strongest barrier at $120. However, the likelihood of a return to levels below $50 raises the stakes.
Will the Solana Death Cross Drive the SOL Price to This Level?
As seen in the chart, the SOL price climb may be hampered by the dreaded Death Cross, which is expected to occur during the next 24 hours. Because this is Solana’s first death cross event, the losses may be somewhat speculative.
However, as a result of the occurrence, the asset might lose a significant portion of its value, bringing it near to the immediate support level of $65. Furthermore, if the asset fails to hold at these levels, the lower strong support in the $40 to $50 range may suffice.
Overall, it’s a difficult period for the SOL price since, despite several trials, the asset managed to increase beyond $100 effectively. And when a massive drop is forecast in the following few minutes, the rally’s strength may be severely harmed. And the remaining work might be done by FUD, further destabilizing the rise. Since a result, the following 24 hours are critical for Solana, as he is going to see the first Death Cross.