Solana (SOL) plunged by 6.18% in the last 30 days as price fluctuations continued to trail the asset. A mild uptick in volume has not helped to improve the price outlook for the coin as Solana has registered a death cross on its hourly chart.
Death cross signals further downside risk for Solana
CoinMarketCap data shows that Solana’s trading volume climbed by 10.6% to $3.19 billion in the last 24 hours. Despite this, the price has remained in the red zone. SOL is underperforming the broader crypto market as Bitcoin dominance rose to nearly 60%.
Solana’s troubles have been compounded by the appearance of a death cross marked by the cross of the 9-day and 26-day moving averages. The hourly chart indicates a price range of between $124.11 and $125.42, which could trigger a massive sell-off from holders.
Solana Price Chart | Source: TradingView/CMCIt appears the uptick in volume is more of a sell-off than an accumulation as investors are looking to minimize losses.
As of this writing, Solana is changing hands at $122.60, which reflects a 4.07% price decline in the last 24 hours. The coin plunged from an intraday peak of $128.39 as sell pressure increased in the Solana space.
Most of the offload likely came from traders who automated their stop loss price to $125. As soon as SOL slipped below this crucial level, a sell wave rippled across the market. Further slips toward the $120 level might increase the pressure that the coin is currently facing on the market.
With capital rotating to Bitcoin due to a spike in dominance, if the altcoin season is over, then Solana’s rebound journey might be difficult.
The current price decline commenced around mid-October as Solana suffered a correction and breached several moving averages. SOL lost the $200 support and has constantly struggled to reclaim its October levels.
Can Cardano-Solana bridge turn things around?
U.Today reported that Solana has crashed by 39% so far to register Q4 as the worst for the asset in 2025. Notably, in the last 30 days, Solana has not rebounded to the $150 level and has beaten the poor performance set in Q1 of 2025.
Meanwhile, the founders of Cardano and Solana, Charles Hoskinson and Anatoly Yakovenko, are potentially working to establish a cross-chain bridge between both networks. The goal is to make Cardano’s ADA usable on the Solana network for trading and DeFi.
This might catalyze things for both chains and could impact SOL positively as more users rely on the blockchains’ faster applications. Solana is already on the verge of flipping Ethereum in yearly revenue despite its weak performance.
Source: https://u.today/solana-death-cross-emerges-despite-10-volume-surge
