What is happening with Solana?
If SOL has been falling since January 19th, why do many still consider it bullish?
In the daily chart, you can see how the price has declined, followed by the crossing of the blue 20-period EMA with the orange 55-period EMA, which led to an even greater drop.
If we analyze how EMAs work and observe the daily chart, how close is the 20-period EMA to crossing below the yellow 200-period EMA? What would that crossing represent on the daily chart?
On the other hand, what does it imply that the price is forming lower highs when the crossing of two key EMAs indicating a bearish trend has already occurred? What could happen to Solana if, in the next movements, an even lower high than the previous one is formed and the 20-period EMA crosses below the 200?
Draw your own conclusions.
Credits to Greg Quiroga from usacriptonoticias.
