Is Solana Going to Zero? SOL Price Drops 5% and New Bitcoin Project Approaches $100,000

cryptonews.com:

Solana (SOL) is defying expectations, as SOL price action continues to tumble despite bullish fundamental news following Visa USDC integration.

The tumultuous price action comes following the announcement that payment-processing giant Visa will be expanding their USDC Stablecoin Settlement pilot program across to Solana.

The move is tipped to unleash ultra-high speed transactional throughput, with the added bonus of huge transactional tax reductions.

Following the huge announcement for the ecosystem, Solana is currently trading at a market price of $19.46 (representing a 24-hour change of -0.86%).

This comes as Solana continues to battle a hard ceiling of localised resistance from the 20DMA, which has suppressed upside price movements for 23-days since August 15.

Unable to push-up through descendant resistance, SOL has instead faced a tough grind-down -23.4% over the same time period.

Worse still? The tumbling price action comes at a technically vulnerable moment in the charts, just 5-days after a dreaded 'death-cross' pattern emerged on the chart.

A death-cross is a bearish technical indicator, which suggests price faces downside on the short-time frame, after the 20DMA crashed through the 200DMA.

With Solana trading below both the 20DMA and 200DMA - any upside move from here will face a severe degree of resistance.

This is especially worth noting when we consider that despite the incredibly bullish Visa stablecoin integration announcement, Solana only saw modest gains of +8%, which was almost instantly retraced.

SOL's indicators provide some relief, Solana's RSI remains cool and calm in a technical oversold signal at 38.9 - suggesting price structure could induce upside moves on the short-time frame.

While the MACD has switched