Solana Defies Death Cross with Sharp Rebound Above $100
Solana's price rebounded above $100 after a short-term death cross formed on its 2-hour chart, catching bears off guard. The cryptocurrency declined for four consecutive days from September 7 to 10, with a sharp drop in prices during the decline. However, Solana surprised investors by rising sharply on September 11, defying the short-term death cross and producing a massive green candlestick.
The recent rebound has been viewed as a bear trap, suggesting that the price may continue to fall once it reaches its next resistance at $110. The cryptocurrency's infrastructure, competitive position, and institutional use cases will be discussed at an upcoming event hosted by Solana, featuring policymakers, investors, and builders. SEC Commissioner Hester Peirce will discuss policy pathways for capital markets infrastructure in a Fireside Chat.
At the time of writing, Solana was down 1.15% in the last 24 hours to $101.98 and 0.87% weekly. Major support is expected at $83 and $87 in the event of a price drop.