Solana (SOL) Gets Closer to Death Cross Formation, Dogecoin (DOGE) Has One More Chance

As Solana gets closer to a possible death cross formation, it is currently under intense bearish pressure. This technical indicator typically indicates prolonged downward movement

As Solana gets closer to a possible death cross formation, it is currently under intense bearish pressure. This technical indicator, which is typically used to indicate prolonged downward movements, occurs when the short-term moving average (like the 50-day MA) crosses below the long-term moving average (200-day MA).

Solana's market structure has gotten worse as a result of the recent breakdown below a significant support level. The $150 mark, which served as solid support in the past, has not been maintained by the asset. The price is currently being sold at about $124 as a result of this failure, which shows that there is still some selling pressure on SOL. This could cause the cryptocurrency to fall even further if the death cross materializes and starts a new wave of liquidations.

Solana appears to be stuck in a protracted downward trend based on the price action. The downward-sloping short-term moving averages are contributing to the bearish trend. Furthermore, a key trend indicator that frequently shows weakness in market sentiment, the 200-day moving average, has started to flatten out.

SOL is likely to continue declining toward the $110 mark if it is unable to regain stability above the broken support. A $100 retest is still possible below that. Nonetheless, there is a chance for a brief recovery if bulls can hold the current price range and raise SOL back above $150.

Dogecoin has one more chance

A steady downward trend is what happening on Dogecoin's price chart, and the asset has now reached its last significant support level at roughly $0.14. This is the final of three crucial support levels that have been found in its most recent price movement; a breakdown below it could cause more issues for DOGE holders.

DOGE has been clearly declining over the last few months, and no support level has been able to sustain significant buying momentum. After initially bouncing around $0.22, the asset was unable to maintain that position, which led to the price falling toward the next significant support at $0.18.

Sadly, the bearish trend persisted, driving DOGE lower until it hit the final crucial level at $0.14. To make matters worse, the dreaded death cross is now looming, which only heightens the worries. A death cross happens when a long-term moving average like the 200-day MA crosses below a short-term one like the 50-day MA. This technical indicator is frequently followed by increased selling pressure and is generally considered a bearish signal. The next possible landing spot is much lower, perhaps in the $0.10-$0.12 range, if DOGE breaks below the $0.14 level.

From the standpoint of market sentiment, Dogecoin's difficulties are a result of the lack of encouraging catalysts and the general weakness in the meme coin industry have contributed to Dogecoin's difficulties. In contrast to past cycles when hype-driven rallies helped keep prices stable, DOGE is now more vulnerable to additional drops due to the current lack of speculative enthusiasm.

Ethereum loses it

Breaking decisively below the critical $2,000 support level, Ethereum is signaling that the market conditions for the second-largest cryptocurrency are worsening. The fact that the steep drop in ETH's price coincided with a spike in trading volume supports the idea that the bearish trend will continue.

Ethereum has been progressively losing ground over the last few weeks, finding it difficult to sustain any significant bullish push. The most recent decline below $2,000 has essentially paved the way for a more severe correction, as the asset was unable to maintain above significant moving averages. This puts Ethereum in a strong downward trend, with short-term moving averages sloping downward and making it more difficult for bulls to regain control.

What makes the present sell-off even worse is the fact that it happened with an increase in trading volume, which will probably worsen the bearish sentiment. Volume spikes usually signify a high level of market participants' conviction, and in this instance the intense sell-side pressure implies that ETH may see additional downward movement before leveling off. Notably, volume spikes during a downward trend have historically frequently resulted in protracted bearish periods, as sellers seeking to sell their positions have more liquidity.

Considering possible support levels, Ethereum is now in a precarious position. If it fails to maintain the $1,800 mark, which is the next important support zone, then ETH may continue to drop toward $1,500. However, with the way the market is currently setup, any attempt at a recovery would probably encounter strong resistance around the $2,000 support that turned into resistance.

Overall, Ethereum's technical configuration suggests that more losses are likely unless a powerful catalyst appears to shift sentiment. With volume increasing and support levels collapsing, ETH may continue its short- to mid-term bearish trend.