Solana, Jasmy prices brace for rare risky chart patterns

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

Solana and Jasmy are in a bear market

Solana (SOL), the fifth biggest cryptocurrency, retreated to the support of 0, much lower than the year-to-date high of 9. 
Solana’s sell-off has happened as its ecosystem goes through some challenges. Pump.fun, its meme coin generator, is seeing stiff competition from the recently launched SunPump. Data shows that SunPump has collected over million in fees a few weeks after launch while tokens in its ecosystem are valued at over 8 million.
Pump.fun tokens have over 7 million in market cap while its ecosystem has generated over 0 million in fees, nine months after launch. This means that Tron is catching up with it.
The spread between the two moving averages has narrowed from 13% in August to just 3.70%. Such a pattern will likely lead to more downside, with the initial target being last month’s low of 0.
Most notably, 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. 

Jasmy is also about to form a death cross

A key risk for Solana, Jasmy, and other altcoins is that the industry may be moving into a crypto winter that can be prolonged. The last winter lasted between November 2021 to January 2023. 
Tron has also passed Solana in terms of total value locked in the DeFi industry. It has over .69 billion in assets, higher than Solana’s .60 billion. Solana has over .6 billion in stablecoins while Tron has billion. Most of Solana’s stablecoins are USD Coin (USDC).
Jasmy formed a golden cross — the opposite of a death cross — in November 2023, leading to a 788% rally. Therefore, if this death cross happens, there is a risk that the token will continue falling in the coming months.