Solana Faces Bearish Cues and Potential Correction

The future of Solana’s (SOL) price is looking uncertain as the altcoin faces bearish cues that could potentially lead to a significant correction. With the lack of support from the market and investors, SOL’s value is at risk of dropping to $100.

Last week, Solana’s price failed a bullish breakout and has been on a downward trend ever since. The Relative Strength Index (RSI) indicates that the asset is in the bearish zone, raising the possibility of a correction and a slowdown in SOL’s recovery.

Additionally, the Sharpe ratio, which measures risk-adjusted return, is at a low of -4.27%, the lowest in the last four months. This lack of incentive for investors could further contribute to the declining value of Solana’s price.

If a death cross occurs, where the short-term 50-day Exponential Moving Average crosses below the long-term 200-day EMA, Solana’s price could fall to $100. This would mark a 25% correction and invalidate the bullish thesis for the altcoin.

Investors and market watchers are advised to conduct their own research and consult with professionals before making any financial decisions, as market conditions are subject to change.