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Solana Faces Intensifying Bearish Pressure, Death Cross Looms

Solana is experiencing significant bearish pressure, nearing a potential death cross formation. This technical indicator, where the 50-day moving average crosses below the 200-day moving average, often signals sustained downward price movement. The recent breakdown below the crucial $150 support level has exacerbated Solana's weakening market structure. The price currently trades around $124, reflecting ongoing selling pressure. Should the death cross materialize, further declines and potential liquidations are likely. SOL/USDT Chart by TradingView

The price action suggests Solana is entrenched in a prolonged downtrend, characterized by downward-sloping short-term moving averages. The 200-day moving average, a key indicator of market sentiment, is flattening, further reinforcing the bearish outlook. Without a recovery above the broken $150 support, Solana could decline towards $110, potentially retesting $100. However, a sustained price hold above the current level and a move back above $150 could spark a brief recovery.

Dogecoin's Last Stand at $0.14

Dogecoin's price chart shows a consistent downtrend, reaching its final significant support level around $0.14. This is the last of three key support levels tested during its recent price action; a breach below could trigger further downside. Over the past few months, DOGE has failed to sustain buying momentum at any support level. After initially bouncing near $0.22, it fell to the next support at $0.18 before continuing its decline to $0.14.

The looming death cross exacerbates concerns. This bearish signal, where the 200-day MA crosses below the 50-day MA, often precedes increased selling pressure. A break below $0.14 could send DOGE towards the $0.10-$0.12 range. The lack of positive catalysts and general weakness in the meme coin sector contribute to Dogecoin's struggles. Unlike previous cycles fueled by hype, the current absence of speculative enthusiasm leaves DOGE vulnerable to further drops.

Ethereum Breaks Below $2,000, Signaling Further Weakness

Ethereum's break below the critical $2,000 support level signals deteriorating market conditions for the second-largest cryptocurrency. The sharp price drop accompanied by increased trading volume reinforces the expectation of continued bearish momentum.

Over recent weeks, Ethereum has struggled to maintain any significant bullish momentum. The recent fall below $2,000 has paved the way for a deeper correction, as the asset failed to hold above key moving averages. A downward-sloping short-term moving average indicates a strong downtrend, making a bullish reversal difficult.

The increased trading volume accompanying the decline further underscores the bearish sentiment. Such volume spikes often indicate strong conviction among market participants, and in this case, intense selling pressure suggests further downward movement before stabilization. Historically, volume spikes during downtrends have often preceded extended bearish periods as sellers liquidate their positions.

Ethereum's potential support levels are now precarious. Failure to hold the next key support zone around $1,800 could push ETH towards $1,500. Given the current market dynamics, any recovery attempt would likely face strong resistance near the former $2,000 support level, now acting as resistance. Unless a significant catalyst emerges to shift sentiment, Ethereum's technical setup suggests further losses are likely, with rising volume and collapsing support levels potentially prolonging the short- to medium-term bearish trend. Read original article on U.Today