Solana On The Verge Of A Margo Crash (MA200)
2024-09-22

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Solana is now ready to crash, according to this chart.

We are going back to basics and using MA200 as the indicator for this analysis. We already know that trading volume has been dropping since early 2024 and the only strong rise was on a bearish note.

After the drop on the 5th of August we have a natural market reaction, a price bounce. This bounce ended in a classic lower high twice, 8-Aug. and 24-Aug. Then another drop that produced a higher low (7-Sep.) compared to the major low hit 5-Aug. This is the context for our analysis.

Now, this is the interesting part. The 7-Sep. low led to another price bounce and this bounce was headed toward MA200, black line on the chart. We see a peak happening right below this level, which is a signal of weakness. Solana (SOLUSDT) peaked 20-Sep. at $152, while MA200 sits at $154, just a few dollars shy. 

Trading below MA200 is a strong bearish signal. The fact that the bounce failed to challenge this level, it is reversing before hitting it, is a revealing event. This tells us that the small bounce is over and a continuation of the bearish move can happen next.

Notice that the bounce has low volume, the 5-6 days that closed green.

Money flowing out of Solana will not evaporate, it will permeate other sectors of the Cryptocurrency market. It will reach those pairs and projects that already completed the correction cycle and those trading at new All-Time Lows.

Those trading high have some reckoning to do; those trading low are set for growth.

Choose wisely... The market is big now.

Solana is going down, it is not going up.
After the correction, we will have long-term growth.

When the correction is over we will know based on the chart.

There are two ways for us to turn bullish based on the chart:

1) The correction runs its full cycle and reaches a major low. This would produce some oversold and reversal signals and we start aiming up.

2) Prices move and close monthly above $190.

Thank you for reading.

Namaste.