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Solana 
$171 (SOL) has experienced a significant decline in value against Bitcoin (BTC) 
$103,900 in recent weeks, prompting negative signals in technical analysis. Experts suggest that recent downturns have positioned Solana charts for potential “death cross” and “falling wedge” formations. These two patterns indicate that caution is advised for investors, as they highlight critical technical developments. Currently, cryptocurrency investors are focused on whether Solana can maintain its support levels.
Technical Indicators Raise Alarms
The price chart of Solana shows that short-term moving averages are nearing long-term averages, strengthening the possibility of a classic death cross. This technical formation is typically seen as a precursor to a prolonged downward trend. Additionally, the narrowing between moving averages suggests reduced volatility and potentially a price squeeze. Such technical formations indicate that aggressive price movements could occur in the short term.
Recent price movements support this technical outlook. Since January 2025, Solana has lost up to 54% of its value and recorded a further 23% drop in mid-April. In the SOL/BTC pair, prices stabilizing at 0.00158 BTC indicate the continuation of the downward trend. Key support and resistance levels, deemed critical in technical analysis, emerge as factors directly influencing investment decisions.
Falling Wedge Formation and Market Reactions
Market analysts indicate that a “falling wedge” formation is forming in the current chart. Typically, this formation represents a consolidation phase and is regarded as a bullish signal if the upper limit breaks. However, a downward break of support levels could intensify selling pressure and drive prices lower. Therefore, the outcome of this formation becomes a key factor in determining Solana’s short-term performance.
Market expert Ali Charts notes that short-term rebounds may mislead investors, while long-term trends show prevailing bearish signals. Additionally, institutional moves, such as the launch of Canada-based Solana ETFs, are reported to have led to a short-term recovery. However, uncertainty remains about the sustainability of this rebound.
Currently, technical data indicates resistance at the 0.0018 BTC level and support at 0.0014 BTC. Breaks above or below these levels could lead to new strategic decisions for investors. The direction Solana takes in its struggle against Bitcoin will depend on the trajectory of technical indicators and market reactions.
