Solana price risks a big crash in the coming days after forming a death cross pattern on the daily chart. SOL coin was trading at $140 on Wednesday, down by over 50% from its highest level this year. This article provides a brief SOL price forecast, and some of the top contrarian Solana crypto coins to buy.
Solana price prediction as a death cross forms
Solana coin has been in a strong bearish trend in the past few weeks. It has dropped from a high of $294.68 on January 19 to $140 today. This decline happened after concerns about its ecosystem rose, with many investors worrying about the regular rug pull scams in the network.
Solana has now formed a death cross as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. This pattern often leads to a strong bearish breakdown. For example, the last time that Solana formed a death cross was in February 2022 and the coin crashed by over 90% afterward.
Therefore, the coin may crash to $109, the lowest level in August 2024. A break below that level will bring the next support at $79, its lowest level on January 2022.
Top Solana crypto coins to buy
Most Solana crypto coins have crashed, with the market cap of all meme coins falling from $25 billion to $8 billion. As such, any SOL meme coin here is a contrarian one, meaning that it may take time to rebound.
Jito (JTO)
Jito is one of the best Solana crypto coins to buy and hold. It is a liquid staking platform with billions of dollars in assets. Unlike other dApps in Solana, Jito is highly profitable as it made over $846 million this year. This makes it the fourth most profitable players in crypto after Tether, Tron, and Ethereum.
Jito also has strong technicals as it has found a bottom at $2.0, where it failed to crash below since July last year. This means that it has formed a quadruple bottom whose neckline is at $4.34. Therefore, there is a likelihood that the Jito coin will bounce back by 70% from the current level.
Read more: Jito (JTO) price forecast: mapping path for potential 50% surge after falling wedge breakout
Raydium (RAY)
Raydium, the biggest DEX in the Solana ecosystem, has crashed in the past few months as the volume in its network fell. It has crashed below the key support at $3.2890, the highest swing in March last year.
Like Solana, RAY price is about to form a death cross, which may lead to further downside. However, on the positive side, there is a likelihood that the Raydium price will bounce back if activity in the Solana ecosystem improves.
Jupiter (JUP)
Jupiter is another top Solana coin to consider this year as it crashes to a key support level. It has moved to a low of $0.6640, down by 55% from its highest level this year. The coin has remained below the 25-day and 50-day moving average. There are signs that it has found a bottom at $0.6640. Therefore, the coin may rebound by 125% from the current level if it holds.
The other catalyst for the Jupiter price is that the network has started to repurchase over 50 million tokens.
There are other top Solana coins to consider. Helium leads the decentralized public infrastructure (DePIN), while HiveMapper is aiming to disrupt the mapping industry. Some popular Solana meme coins link Bonk and Dogwifhat may remain vibrant in the future.
The post Best Solana crypto coins to buy as SOL price flashes death cross appeared first on Invezz