Solana’s (SOL) price action has suffered a minor setback after its SOL/USDT pair was rejected at the 200-day moving average. The one-day SOL/USDT chart below, courtesy of Tradingview.com, shows that Solana was on a path towards $28 but has since dropped below the crucial 200-day (green) moving average.
Solana is Due for a Golden Cross
Solana‘s one-day MFI (green), MACD and RSI (red) also hint at an ongoing pullback that could see the digital asset retest its 50-day (white) moving average as support around the $22 price area.
At the same time, Solana seems due for a golden cross between the 50-day and the 200-day moving average sometime in early March. The bullish event could jumpstart Solana’s journey towards $28 and erase all losses due to the collapse of FTX.
Solana Spaces Announced it Will Close its Store in New York and Miami
Solana’s short-term woes in the crypto markets could be due to the news of Solana Spaces shutting down its stores in New York City and Miami after eight months of operations.
The project’s founder, Vibhu Norby, explained in a Twitter post that the closure was necessary as the physical stores were not onboarding as many new Solana users as anticipated. He pointed out that Solana Spaces’ new NFT airdrop platform, DRiP, was onboarding more users onto the ecosystem.
He wrote:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.We’ve made the difficult decision to sunset our stores in NYC and Miami by the end of February, and to pivot our Solana onboarding efforts into digital products like DRiP, our free NFT product with more than 100k sign-ups…
And as it were, I found that in DRiP. While our stores onboard between 500 and 1000 people per week, DRiP onboards that same quantity EVERY DAY.