CandleFocus Death Cross Threatens Solana’s 11-Month Long Bullish Streak
2024-09-16
Author: Content Editor
Solana (SOL) has recently failed to breach the resistance level of $138 and is now facing increased scrutiny as it approaches critical levels. The cryptocurrency is on the verge of forming a death cross, which could signal the end of its 11-month bull run. This has raised concerns among investors who have been bullish on Solana for nearly a year. However, the Moving Average Convergence Divergence (MACD) indicator suggests that bearish momentum might be waning in the short term, potentially leading to a bounce back for Solana. The cryptocurrency is currently trading at $130 and is looking to bounce off the $124 support level. Breaching the $138 resistance would indicate a continuation of its upward trajectory, while a death cross could lead to significant losses.
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