SOL experienced a significant drop after being rejected at the $108 level.
It traded between $99 and $108 for more than two weeks, showing a lack of bullish momentum.
The formation of a “death cross” pattern suggests a potential for prolonged bearish trends.
Solana’s native token, SOL, plunged this week after facing rejection around the $108 level, sparking debate on whether the asset can reclaim lost ground in the near future.
SOL had traded rangebound between approximately $99 and $108 for over two weeks into late January, struggling to regain bullish momentum following a 20% correction from its mid-January highs above $116. The sideways chop reflected growing indecision in the market after SOL’s promising breakout attempt failed.
Eventually, however, selling pressure intensified as SOL slipped under its 50-day and 200-day moving averages, forming a so-called “death cross” pattern that typically precedes prolonged bearishness. The breakdown steepened a few days later, wit
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