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Solana and JasmyCoin Flash Death Cross Signals as Crypto Winter Risks Emerge

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Release: 2024-09-08 00:12:11
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Solana and Jasmy are in a bear market, and a death cross chart pattern is about to form as the 200-day and 50-day moving averages are about to cross each other.

Solana and JasmyCoin Flash Death Cross Signals as Crypto Winter Risks Emerge

Solana, JasmyCoin, and other altcoins continued their strong sell-off this week as the crypto fear and greed index fell. Among the worst hit were Solana and Jasmy, which are now in a bear market.

Solana and Jasmy are in a bear market

After dropping to a low of $0.01717, JasmyCoin (JASMY) is now down by over 58% from its highest level this year. This pushed its market cap to $908 million.

On the other hand, Solana (SOL) retreated to the support of $120, which is much lower than the year-to-date high of $209. This sell-off happened as Bitcoin dropped from a high of over $73,800 in March to $54,000.

Solana’s sell-off also comes at a time when its ecosystem is facing some challenges. For example, Pump.fun, Solana’s meme coin generator, is facing competition from the recently launched SunPump.

According to Footprint Analytics, SunPump collected over $25 million in fees a few weeks after launch. At the same time, tokens in its ecosystem are valued at over $428 million.

In comparison, Pump.fun tokens have over $487 million in market cap. Its ecosystem has generated over $140 million in fees nine months after launch. This means that Tron is catching up with Solana.

Tron also overtook Solana in terms of total value locked (TVL) in the decentralized finance (DeFi) industry. It now has over $7.69 billion in assets, higher than Solana’s $4.60 billion.

While Solana has over $3.6 billion in stablecoins, Tron has over $60 billion. Notably, the bulk of Solana’s stablecoins are in USD Coin (USDC).

As a result, there are signs that Solana is losing momentum. On a technical chart, the token has formed a triple-top chart pattern, which is a key bearish sign.

Most importantly, it is about to form a death cross chart pattern as the 200-day and 50-day moving averages are about to cross each other.

The spread between the two moving averages has narrowed from 13% in August to just 3.70%. Such a pattern will likely see Solana’s price have an initial target of last month’s low of $110.

Jasmy is also about to form a death cross

Despite the entry of Mitsubishi UFJ, Mizuho, and SMBC into the crypto industry by testing stablecoin transfers, Jasmy, a Japanese cryptocurrency, retreated.

In most periods, major crypto-related news from Japan tends to push Jasmy higher.

Like Solana, the spread between the 200-day and 50-day moving averages has also narrowed, increasing the possibility of a death cross.

After forming a golden cross in November 2023, which led to a 788% rally, Jasmy formed a death cross in April 2024. Such a pattern led to a further decline of 85%.

As a result, there is a risk that if this death cross occurs, the token will continue falling in the coming months.

Solana, Jasmy, and other altcoins are at risk of crypto winter

Solana, Jasmy, and other altcoins are facing a key risk in that the crypto industry may be moving into a prolonged crypto winter. The last winter lasted from November 2021 to January 2023.

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