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Is Solana Going to Zero? SOL Price Drops 5% and New Bitcoin Project Approaches $100,000
Solana (SOL) is defying expectations, as SOL price action continues to tumble despite bullish fundamental news following Visa USDC integration.
The tumultuous price action comes following the announcement that payment-processing giant Visa will be expanding their USDC Stablecoin Settlement pilot program across to Solana.
The move is tipped to unleash ultra-high speed transactional throughput, with the added bonus of huge transactional tax reductions.
Following the huge announcement for the ecosystem, Solana is currently trading at a market price of $19.46 (representing a 24-hour change of -0.86%).
This comes as Solana continues to battle a hard ceiling of localised resistance from the 20DMA, which has suppressed upside price movements for 23-days since August 15.
Unable to push-up through descendant resistance, SOL has instead faced a tough grind-down -23.4% over the same time period.
Worse still? The tumbling price action comes at a technically vulnerable moment in the charts, just 5-days after a dreaded 'death-cross' pattern emerged on the chart.
A death-cross is a bearish technical indicator, which suggests price faces downside on the short-time frame, after the 20DMA crashed through the 200DMA.
With Solana trading below both the 20DMA and 200DMA - any upside move from here will face a severe degree of resistance.
This is especially worth noting when we consider that despite the incredibly bullish Visa stablecoin integration announcement, Solana only saw modest gains of +8%, which was almost instantly retraced.
SOL's indicators provide some relief, Solana's RSI remains cool and calm in a technical oversold signal at 38.9 - suggesting price structure could induce upside moves on the short-time frame.
While the MACD has switched
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PI Industries’ weak core business keeps investors on edge
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UPS
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