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$SOL Maybe on the Verge of Danger
#cryptonews
The popular alternative cryptocurrency Solana (SOL), which has emerged as one of the hottest assets on the market in recent months, may be on the verge of a painful downtrend against its main counterpart, Bitcoin. At least, this possibility is suggested by the intersection of moving averages on the SOL/BTC price chart.
Currently, Solana is valued at 0.00158 BTC, which is equivalent to approximately $133.16. However, just at the beginning of last week, this figure was 23% lower, after Solana lost 54% since January in a steady decline against Bitcoin.
SOL's recent strength could be linked to the launch of the first Solana ETFs in Canada, with institutional tailwinds helping the altcoin outperform the rest of the crypto market, as suggested by major exchange executive Tracy Jin. However, this period of prosperity seems to have come to an end as the 23-day moving average has started to drop toward the 200-day moving average, which may lead to the formation of a death cross in the coming weeks.
Considering that the time frame is a weekly one, the emergence of this ominous pattern may break the uptrend of Solana against Bitcoin for a while. For Solana, the result may be a test of previous lows against the major cryptocurrency at 0.001 BTC per SOL. In dollar terms, this could mean a drop in Solana's price to as low as $83.
A retracement to lower support zones also seems likely for the altcoin in Jin's forecast. All in all, even if Solana survives the recent market turbulence, its performance against Bitcoin makes it a less preferable asset to hold right now.
#cryptonews
The popular alternative cryptocurrency Solana (SOL), which has emerged as one of the hottest assets on the market in recent months, may be on the verge of a painful downtrend against its main counterpart, Bitcoin. At least, this possibility is suggested by the intersection of moving averages on the SOL/BTC price chart.
Currently, Solana is valued at 0.00158 BTC, which is equivalent to approximately $133.16. However, just at the beginning of last week, this figure was 23% lower, after Solana lost 54% since January in a steady decline against Bitcoin.
SOL's recent strength could be linked to the launch of the first Solana ETFs in Canada, with institutional tailwinds helping the altcoin outperform the rest of the crypto market, as suggested by major exchange executive Tracy Jin. However, this period of prosperity seems to have come to an end as the 23-day moving average has started to drop toward the 200-day moving average, which may lead to the formation of a death cross in the coming weeks.
Considering that the time frame is a weekly one, the emergence of this ominous pattern may break the uptrend of Solana against Bitcoin for a while. For Solana, the result may be a test of previous lows against the major cryptocurrency at 0.001 BTC per SOL. In dollar terms, this could mean a drop in Solana's price to as low as $83.
A retracement to lower support zones also seems likely for the altcoin in Jin's forecast. All in all, even if Solana survives the recent market turbulence, its performance against Bitcoin makes it a less preferable asset to hold right now.
Key Factors to Watch for $SOL
If $SOL is in an uptrend (higher highs/higher lows) or consolidating within a range at $120–$150.
Key Support/Resistance Levels:
Support: $130 (psychological level), $120 (previous swing low).
Resistance: $150 (recent high), $160 (next psychological barrier).
Patterns:
Bullish Case: Break above $150 with strong volume → Targets $160–$170.
Bearish Case: Failure to hold $129 → Drop toward $120 or lower.
Consolidation between $130–$150 likely if no catalysts emerge.
Watch out for Bitcoin correlation if BTC dips, SOL may follow.
Possible Scenarios:
Bullish if it break above $150 with high volume → Rally toward $160.
Trigger: Positive ecosystem news (e.g., major project launch) or Bitcoin rebound.
Bearish if close below $130 → Retest $120–$125 that may trigger by Market-wide sell-off or SOL (e. g 2nd of April updates)
Neutral if range-bound between $130–$150 → Await clearer signal.
Watch Bitcoin’s movement and macroeconomic news (e.g., Fed rate decisions).
Avoid over-leverage due to volatility.
#solanAnalysis #Tradewithcaution
Key Support/Resistance Levels:
Support: $130 (psychological level), $120 (previous swing low).
Resistance: $150 (recent high), $160 (next psychological barrier).
Patterns:
Bullish Case: Break above $150 with strong volume → Targets $160–$170.
Bearish Case: Failure to hold $129 → Drop toward $120 or lower.
Consolidation between $130–$150 likely if no catalysts emerge.
Watch out for Bitcoin correlation if BTC dips, SOL may follow.
Possible Scenarios:
Bullish if it break above $150 with high volume → Rally toward $160.
Trigger: Positive ecosystem news (e.g., major project launch) or Bitcoin rebound.
Bearish if close below $130 → Retest $120–$125 that may trigger by Market-wide sell-off or SOL (e. g 2nd of April updates)
Neutral if range-bound between $130–$150 → Await clearer signal.
Watch Bitcoin’s movement and macroeconomic news (e.g., Fed rate decisions).
Avoid over-leverage due to volatility.
#solanAnalysis #Tradewithcaution
JUSTIn: BlackRock, Securitize Expand $1.7B Tokenized Money Market Fund BUIDL to Solana.
#BlackRock x #solana
#BlackRock x #solana
Kick-start your week with a crypto boom! $SOL , $TRUMP , and $AVAX are blazing trails with standout gains, while Ether burn stirs curiosity, hitting a record low. Traders are gearing up as U.S. economic data promises to shake things up!
#easymonday #BullishOnMe
#easymonday #BullishOnMe
Donald Trump is set to make history tomorrow as the first U.S. president to address a cryptocurrency conference. His speech will take place at the Digital Asset Summit (DAS) in New York City, marking a significant moment for the crypto.
The event will feature discussions on Bitcoin's role in the financial system, stablecoin regulations, and the U.S. government's plans to create a Strategic Bitcoin.
This speech could signal a major shift in how the U.S. approaches digital assets, with potential implications for the global crypto. Stay tuned for updates as this unfolds!
The event will feature discussions on Bitcoin's role in the financial system, stablecoin regulations, and the U.S. government's plans to create a Strategic Bitcoin.
This speech could signal a major shift in how the U.S. approaches digital assets, with potential implications for the global crypto. Stay tuned for updates as this unfolds!
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