Solana (SOL) in Red Zone as Death Cross Appears, Is $100 Next Stop?

Source: CryptoNewsNet Original Title: Solana (SOL) in Red Zone as Death Cross Appears, Is $100 Next Stop? Original Link: Solana has completed a death cross on its three-hour chart, as the broader crypto market extended the sell-off since the start of the week.

The three-hour MA 50 has fallen below the MA 200, confirming a death cross as the Solana price trades in red across major time frames. At press time, SOL was down 1.74% in the last 24 hours to $125.83 and down 12.08% weekly.

The crypto market is mostly trading in red early Friday despite gains in equities, accompanied by a weaker U.S. dollar.

The Solana price has traded sideways, stuck in a range between $116 and $161 since November. The impact of the recent death cross, occurring on a short term frame, might not be so significant given this fact.

Unless Solana makes a definitive move either up or down, its chances of sideways trading remain in the coming days.

$100 Next?

For now, traders seem to be taking a pause to decide the market’s next move and adjust accordingly. Solana faces immediate resistance at $132 and $135, which coincides with the three-hour MA 50 and 200.

Momentum indicators such as the RSI stay bearish, currently below 40, which is intermediate between neutral and oversold levels. Further declines might target support at $116 and then $100, where buyers might step in as Solana gets oversold.

Solana Upgrade Looms

According to Anza, a Solana-focused research and development firm, Agave v3.1 upgrade is approaching. This release of the Solana validator client is expected to bring RPC improvements, validator memory changes and protocol upgrades.

This includes performance gains for validators with restart times reduced to a couple of minutes. Disk I/O during replay is cut by nearly 93%, from over 1,100 ops to under 80 within a 10-second window. This will reduce jitters in banking and replay while extending disk lifetime.