Solana soared nearly 900% following its last golden cross incident
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In the case of Solana, its daily SMA 50 has crossed above the daily SMA 200, indicating a golden cross.However, the emergence of the golden cross coincides with a profit taking in Solana's price. After four days of gains, Solana reached a high of $183 on Oct. 29, where it encountered resistance.At the time of writing, SOL was down 2.28% in the last 24 hours to $174, reflecting the broader profit-taking on the crypto market.
However, a common criticism of moving average-based indicators is that they are lagging signals that might trap traders on the wrong side of the market. This is because the market might have been oversold or overbought before the crossover occurs.is trying to rally toward the overhead barrier at $210, but the bears are posing a strong challenge at $183.
If buyers do not give up much ground from their current position, the chances of a break over $183 grow. Solana prices could rise to $193, where the bears are anticipated to launch a robust defense. This optimistic outlook will be undermined in the short term if the SOL price falls below $159. It might push Solana below the 50-day SMA around $149, indicating that bulls are selling.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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