A bottom in sight? Solana Paints Her First ‘Death Crossing’ As SOL Loses 50% In January By Cointelegraph

Solana (SOL) looks poised to paint its first “death crossing” this week, raising fears that its ongoing sell-off will continue into February.

A real sell-off threat In particular, the 50-day exponential moving average of the SOL price (50-day EMA; the red wave) will eventually close below its 200-day EMA (the blue wave), signaling a bearish crossover. , called a death cross, which generally prompts traders to sell.

Daily price chart of the pair showing its death crossover of the 50-200 day EMA. Source: TradingViewThe threat comes as SOL looks to close January down almost 50%; As of the last day of the month, the Solana token is down more than 2.50% to nearly $91, down from nearly $180 at the start. Meanwhile, the catalysts behind SOL’s price decline remain largely intact.

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