By Nermeen Nabil Khear 
TLDR
- Solana is approaching a “death cross” pattern with its 50-day SMA about to cross below its 200-day SMA
- SOL price dropped to $120.35, its lowest level since September 2024
- A major whale accumulated 195,000 SOL ($23.2 million) from exchanges during the market dip
- Cumberland DRW staked 48,182 SOL worth $5.72 million
- Traders remain optimistic with some predicting a recovery to $150
Solana has faced rough times in recent days. The sixth-largest cryptocurrency by market cap has dropped to lows not seen since September 2024. This price action comes as the broader crypto market faces pressure.
The SOL token dropped to $120.35 during Monday’s trading session. This represents its fifth consecutive day of decline since March 6. At the time of reporting, SOL had dropped 5.11% in the past hour and 9.11% in the last 24 hours.
What makes this drop concerning for many traders is the approaching “death cross” pattern.
This happens when the 50-day simple moving average falls below the 200-day simple moving average on price charts.
Currently, Solana’s 50-day SMA sits at $188.71 and has turned downward. The 200-day SMA is at $184.03. This means the two lines could cross in the coming days.
A death cross often signals bearish momentum in trading. It shows that short-term momentum is weaker than the long-term average price movement. The last time Solana saw a death cross was in September 2024.
Interestingly, that previous death cross actually marked a bottom before SOL began to rise. In the two months following that pattern, SOL reached highs of $264 after posting a golden cross pattern.
Bitcoin
The current market weakness extends beyond just Solana. Bitcoin recently dropped below $80,000, touching as low as $76,000 on Tuesday. This decline came after Donald Trump announced new tariffs, increasing U.S. recession fears to 40%.
Risk assets worldwide felt the impact of these macro concerns. U.S. equities also slumped as investors sought safer places for their money. Fed rate cut prospects have diminished, further pressuring markets.
Despite the gloomy market conditions, some large investors see opportunity. According to data from Lookonchain, a Solana whale withdrew 195,000 SOL from crypto exchanges Bybit, OKX, and Gateio within 24 hours.
This whale activity represents approximately $23.2 million worth of Solana being moved off exchanges. Many market watchers interpret this as a strong sign of confidence in SOL’s future prospects.
Adding to this positive signal, Cumberland DRW staked 48,182 SOL worth about $5.72 million. Staking removes tokens from circulation on exchanges, which can reduce selling pressure.
These moves by large players suggest a “buy-the-dip” strategy at work. When major holders accumulate during downturns, it often indicates they believe prices will recover.
Several traders have shared optimistic outlooks for Solana. One trader known as “Coinvo” suggested on social media that Solana appears to be following its 2021 pattern, which preceded a major bull run.
Another analyst called “Lucky” stated that even a small market movement could push SOL above $150. This trader identified a strong demand zone between $110-$127, which aligns with current price levels.
If SOL’s price action follows its previous death cross from September 2024, it might confirm a bottom before rising again. However, if support fails, key levels to watch include $109 and $88.
At press time, SOL was trading at approximately $123, showing a slight recovery from its recent lows. The cryptocurrency reached a 24-hour low of $113.19 and a high of $131.24.
The post Solana (SOL) Price: History Repeats? Last Death Cross Led to All-Time Highs appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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