Solana Teeters on Brink of Death Cross as $148 Resistance Holds Firm
The post Solana Teeters on Brink of Death Cross as $148 Resistance Holds Firm appeared on BitcoinEthereumNews.com.
Solana price struggles below $148 despite 11% gain over four days. NVT Ratio hits 5-month high, suggesting network hype outpaces actual usage. Impending Death Cross between 50-day and 200-day EMAs threatens 16-month uptrend. Solana (SOL) continues to face resistance at the $148 level despite recent price gains, raising concerns about its short-term prospects. The altcoin has posted an 11% increase over the past four days but remains unable to secure this key support level, keeping it from breaking through the important $150 psychological barrier. Technical indicators now point to a potential reversal in SOL’s price trajectory, casting doubt on its ability to maintain upward momentum. On-chain data reveals a concerning disconnect between network sentiment and actual transaction activity. The Network Value to Transactions (NVT) Ratio for Solana has reached a 5-month high, indicating that market valuation may be outpacing genuine network utility. Solana NVT Ratio. Source: Glassnode This metric, which compares market capitalization to transaction volume, suggests that despite positive market sentiment, Solana is not experiencing corresponding growth in network adoption or engagement. Solana ETF developments provide hope Recent developments, including Fidelity’s filing for a spot SOL ETF with CBOE, have provided some optimistic news for investors. However, this announcement has yet to translate into substantial on-chain activity. While institutional interest through ETF filings represents a positive signal for Solana’s mainstream acceptance, the lack of corresponding blockchain activity raises questions about the sustainability of current price levels. Perhaps most concerning for Solana bulls is the looming technical pattern on the price chart. The 50-day and 200-day exponential moving averages (EMAs) are approaching a Death Cross formation, where the shorter-term average crosses below the longer-term one. This would mark the end of a 16-month Golden Cross period that has generally supported Solana’s upward price action since early 2024. If confirmed in the…
Filed under: News - @ March 27, 2025 4:21 am