Solana Death Cross in Next 24 Hours, SOL Price 40% Plunge Appears Imminent!

The post Solana Death Cross in Next 24 Hours, SOL Price 40% Plunge Appears Imminent! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Solana is back above $100 after a strong boost during the previous month’s close. With an intention of closing the yearly trade on a bullish note, the asset jumped more than 20% from the previous day’s lows beneath $90 and smashed $108, now hovering around $105.

Currently, while the entire market sentiments are turning extremely bullish and the next resistance is looked upon to be the immediate target, the support levels also need to be closely watched. 

The market currently possesses huge bullish momentum as Bitcoin prices have ranged above $34,000 for the nth time in recent days. However, sustainability is very important as each time within a couple of days, the asset yet again plunged below $37,000.

And hence currently amid the building bullish momentum, Solana price is also expected to hit the closest and strong resistance at $120. Yet the possibility of plunging back below $50 also surfaces the waters. 

Solana Death Cross Will Take SOL Price To This Level?

As mentioned in the chart, the SOL price rally may be hindered by the dreadful Death Cross which may occur in the next 24 hours. This is the first death cross event for Solana and hence the losses may be pretty much skeptical.

Also Read : Solana Fake Break Out! SOL Price Poised to Plunge to $70 With DeathCross Ahead

However, as an outcome of the event, the asset could lose a large chunk of its value to hit the immediate support close to $65. Moreover, if the asset fails to hold at these levels then the lower strong support in between $40 to $50 may do the job. 

Collectively it’s a pretty tough phase for the SOL price as, after pretty many trials, the asset managed to rise above $100 efficiently. And when a huge plunge is expected at the very next moment, the strength of the rally may be impacted at the maximum. And the remaining job may be done by the FUD which could further destabilize the rally. Therefore the next 24 hours are extremely crucial for Solana as it’s about to witness the very first Death Cross.