Solana (Sol) Price completed “Death Cross” on March 12th on the 1st chart. This is because Altcoin was consolidated for $125, approaching its long-term support level.
This could potentially accelerate Sol Price Sell Out with a drop below $100 for the first time since February 2024.
Solana one-day chart. Source: CointeLegraph/TradingView
A bearish crossover occurs between a simple 50-200-day moving average (SMA), and a long-term index occurs above a short-term indicator, resulting in a death cross.
Last month, the 50-day and 200-day Exponential Moving Average (EMAS) caused a death cross on Solana’s one-day chart.
The intersection of death between SMA and EMA brings similar meaning, but EMA responds more quickly to price changes, causing death more quickly. Double death mating from SMA and EMA may increase the likelihood of correction.
Historically, odds are neutral for Solana. Since its inception, Sol’s prices have witnessed three death crosses (including 2025) when prices have fallen trends for more than 90 days.
The first death in 2022 caused a 90% collapse, but the FTX fiasco escalated its severity. The second cross of death occurred in September 2024, but was reversed within a month, leading to a Trump rally.
Related: 3 Reasons Why Ethereum can surpass its rivals after crashing to a 17-month low
However, current structure and emotions reflect the 2022 death cross when comparing market conditions. In both cases, the new all-time highs preceded the downward trend, which led to the cross of death.
As reported by Cointelegraph, Solana’s revenues fell 93% from January, down from $238 million to $32 million. This indicates the lack of current activity on Solana’s network after the end of Memecoin Frenzy.
Can Solana Traders defend $125?
Based on technology, Solana stays in a tricky place when comparing the cross-returns of previous deaths with collective market sentiment.
Solana needs to hold support between $125 and $110 for a bullish reversal. Since March 2024, Sol Price has recovered six times since testing its support range, exceeding $125 per week.
Solana one-week chart. Source: CointeLegraph/TradingView
A weekly drop below $125 indicates a weakness in the market, which could increase the likelihood of a drop below $100. The direct price target after $110 is around $80 for Solana, a major 30% revision. Downtrend targets bring a confluence with the 0.5 Fibonacci retracement line every week.
Solana’s bullish release on the charts for a day and four hours. Source: CointeLegraph/TradingView
However, the Bulls pin their hopes to a bullish divergence between price and relative strength index (RSI) on a one-day and four-hour chart.
If Solana could avoid another low low, divergence would be effective, allowing prices to be pushed up above $125, while Solana could avoid a drop below $100 and establish a bottom at $112.
Related: Will Bitcoin prices regain the $95,000 at the end of March?
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
