Solana News: Bearish Signal Looms as Solana Faces First Death Cross Since October 2023

Cryptocurrency investors are closely monitoring Solana as it grapples with a bearish signal that could spell further price declines. Here’s what you need to know.

Solana Faces Death Cross; Price at $150 May Decline Further

The recent market conditions for Solana suggest more downward pressure could be ahead, marked by a Death Cross—a bearish signal where the 200-day EMA crosses over the 50-day EMA. This is Solana’s first Death Cross since October 2023, ending a 17-month streak of Golden Cross formations. The appearance of the Death Cross often indicates that sellers are in control of the market, potentially leading to further price declines.

Solana Price Recovery and Solaxy Token Presale Success

Solana ($SOL) has seen its price recover, gaining 5.36% to trade at $146 after falling to $137 earlier in the week. Despite the recent volatility, including a 27% surge on Monday and a 14% drop on Tuesday, Solana remains competitive with Ethereum in DeFi. Meanwhile, Solaxy’s ($SOLX) token presale has surpassed $25 million in total funding. Some AI chatbots predict that Solana could overtake Ethereum in value by 2025, although the majority still favor Ethereum maintaining its dominance.

Telegram Mini App PAWS Migrates to Solana

Telegram recently mandated Mini Apps and third-party crypto wallets to operate exclusively on TON, sparking debates about decentralization. PAWS, a SocialFi project, chose to migrate its 80 million user base to Solana rather than remain confined to TON. This migration significantly boosted the Solana ecosystem, resulting in over 9 million Phantom crypto wallet downloads.

NEOPIN Plans Migration to Solana Blockchain

NEOPIN, a leading DeFi platform based in East Asia, has announced that its strategic launch of NEOPIN 4.0 will migrate to the Solana blockchain, the second largest blockchain in the world. Project Titan, representing the innovation of NEOPIN 4.0, aims to integrate AI agents with DeFi, positioning NEOPIN as a worldwide tier-1 AI-powered DeFi project.

Solana (SOL) Price Prediction for March 6

Currently, Solana (SOL) is trading at $147.13, marking a 2.28% increase in the last 24 hours. However, over the past 30 days, the price has declined by 30.40%, showing a longer-term bearish trend amid short-term recovery efforts. Volume spikes during the 24-hour rally indicate renewed buying interest, potentially setting the stage for a reversal if the buying pressure is sustained. The immediate support zone is observed around $130.