Solana price is at risk of a deeper dive after forming a death cross pattern. SOL token dropped to a low of $143 on Friday, down by over 50% from its highest level in January this year. A death cross often signals that bears have prevailed, which may lead to a steeper crash over time. This article discusses the top Solana rivals to buy as the SOL price is poised to crash.
SOL Price Crash May Accelerate
The daily chart shows that Solana price peaked at around $300 in January as meme coins in its ecosystem soared. It then suffered a big reversal as it plunged by over 50% from the year-to-date high.
Solana has plunged below the ascending trendline, connecting the lowest swing since August 4 last year. Moving below that level is a sign that bears have prevailed. This view has been amplified by the formation of a death cross, which happens when the 200-day and 50-day moving averages cross each other.
Therefore, Solana may continue its strong downtrend if it moves below the key support at $125.57, its lowest level on March 1. Such a move will lead to more downsides, potentially below $100.
Best Solana Rivals To Buy
With Solana price in trouble, some of the best rivals to consider that may 5X soon are Algorand (ALGO), IOTA (IOTA), and Stellar (XLM).
IOTA (IOTA)
IOTA is one of the top Solana rivals that may jump by 5x in the coming months. Fundamentally, the network is about to implement the Rebased upgrade, which will introduce numerous features like EVM, over 50,000 transactions per second, and a staking yield of up to 15%.
The weekly chart shows that the IOTA price bottomed at $0.1350, where it failed to move below since 2023. That is a sign that the token has formed a quadruple bottom, a highly popular bullish sign.
IOTA coin has also formed a falling wedge pattern, a popular bullish reversal sign. This pattern has two descending and converging trendlines, which are now about to converge.
Therefore, the IOTA price will likely surge. The next point to watch is $0.6295, the highest point in December, which is about 200% above the current level. A move above that level will point to more upside to the 50% retracement level at $1.42, about 570% above the current level.
Algorand (ALGO)
Algorand is another Solana rival that may 5x to consider. While its fundamentals are not all that strong, ALGO price has some strong technicals that may lead to a strong bullish breakout. It has formed a falling wedge comprising two descending and converging trendlines.
Like IOTA, these two trendlines are about to converge, which will lead to a strong comeback. In addition, IOTA has formed a bullish divergence pattern as the Percentage Price Oscillator (PPO) and the Relative Strength Index (RSI) have pointed upwards.
Therefore, the coin will likely bounce back and retest the key resistance level at $0.6135, the highest point in December last year, which is about 150% above the current level. A move above that level points to more upside, potentially $1.
READ MORE: Algorand Price Could Hit $1: Elliot Wave, Wyckoff Theory
Stellar (XLM)
Stellar is another popular Solana rival that may surge in the coming months. XLM price has dropped by about 53% from its highest level in 2024. On the positive side, it has found support at the 200-day Exponential Moving Average (EMA).
Stellar price has formed a bullish flag chart pattern, a popular positive sign. This pattern is made up of a long vertical line and a descending channel. Therefore, the token will likely have a strong bullish breakout, with the next resistance level at $0.6381, up 115% from the current level.
Other Top SOL Rivals to Buy
Other popular Solana rivals are worth considering for big gains in the coming months. Some of these tokens are Polkadot, Hedera Hashgraph, Ripple (XRP), and Litecoin.
READ MORE: Stellar Lumens Price Poised for New ATH Amid Surging Bullish Momentum
