A week ago, a death cross appeared on Solana’s (SOL) one-day chart, signaling a growing bearish momentum. 

While the coin’s price has since consolidated within a range, rising selling pressure suggests a potential breakdown in the near term.

Solana’s Death Cross and Bearish Momentum Fuel Fears

BeInCrypto’s assessment of the SOL/USD one-day chart reveals that a death cross emerged seven days ago. This is a bearish pattern formed when an asset’s short-term moving average (the 50-day) crosses below its long-term moving average ( the 200-day). 

It confirms a shift from a bullish trend to a bearish one, indicating weakening momentum and increased downside risk. Since the pattern emerged, SOL’s price has traded within a narrow range. It has since oscillated between resistance formed at $136.92 and a support floor of $121.18. 

However, with selling pressure mounting, SOL appears poised for a breakdown below this support level. The widening gap between its 50-day and 200-day SMAs reinforces the likelihood of this happening in the near term.

Adding to this bearish outlook, SOL’s negative Elder-Ray Index indicates that sellers are gaining control. This indicator currently stands at -11.46 at press time.

The Elder-Ray Index measures the strength of buyers (bull power) and sellers (bear power) by comparing an asset’s high and low prices to its exponential moving average (EMA). When the index is negative, it indicates that bear power is dominant.

This confirms the increased selling pressure among SOL traders and hints at the likelihood of a break below the support formed at $121.18. 

SOL Bears Eye $110 as Selling Pressure Mounts—Will Support Hold?

SOL’s breakdown below the $121.18 support zone would exacerbate the downward pressure on its price. Such a breach would offer another confirmation of the bearish trend in the market and could cause the coin’s price to plummet toward $107.88.

On the other hand, if market sentiment improves and SOL demand spikes, it could break above the resistance at $136.92 and soar to $152.87.

Crypto entrepreneur Mario Nawfal faces allegations of orchestrating a meme coin rug pull involving the prominent streamer Adin Ross.

The controversy erupted after Nawfal’s X account, @RoundtableSpace, posted about a supposed partnership with Ross to launch a Solana-based token, ROSS. The post was swiftly deleted, raising suspicions of fraudulent activity.

Mario Nawfal Faces Allegations of Orchestrating $7 Million Rug Pull

On Tuesday, @RoundtableSpace announced the launch of ROSS, claiming that Adin Ross was backing the project. The tweet contained a contract address, seemingly legitimizing the meme coin. However, within 20 minutes, the post was deleted, triggering immediate skepticism within the crypto community.

X (Twitter) user @cryptolyxe flagged the incident. The user accused Nawfal of faking a partnership with Ross to drive up the token’s value. Cryptolyxe provided screenshots showing the original tweet and a price chart depicting an 82.72% price crash, indicating a rug pull.

A rug pull is when early promoters artificially pump a token’s value before abandoning it, leaving investors with worthless assets. According to cryptolyxe, the token’s market cap soared to $7 million before plummeting to zero.

“So Mario Nawfal just posted a fake “partnership” with Adin Ross for a memecoin, then rugs the coin from $7m to 0, and deletes all the tweets… bruh,” cryptolyxe remarked.

In the aftermath, @RoundtableSpace issued a series of statements denying any wrongdoing. They claimed that an unauthorized individual from their team, @hardsnipe, was responsible for posting about the token without approval.

Nawfal’s team maintained that they acted quickly to delete the post and clarified that no official partnership with Adin Ross existed. Nawfal later alleged that his account had been compromised.

“Someone got access to both this account and Crypto Town Hall and posted a fake CA yesterday and today,” Nawfal indicated.

He further clarified that once the breach was discovered, delegate access was revoked. Reportedly, they also changed passwords to prevent further unauthorized posts.

Growing Concerns Over Meme Coin Rug Pulls

Despite Nawfal’s explanations, many in the crypto community remain unconvinced. Several users, including @nftkeano, pointed to Nawfal’s history of promoting dubious crypto projects, fueling doubts about whether this was an accident or a deliberate scam.

“This is literally your 3rd rug this month…,” Keano noted.

Adding to the controversy, Adin Ross’ team denied involvement with the token. Chat logs suggest internal confusion regarding Ross’ participation, reinforcing the claim that the partnership was never real.

While Nawfal’s team insists the ROSS meme coin post was a mistake caused by an unauthorized team member, the crypto community remains deeply skeptical. The quick deletion of the tweet and the sudden collapse of the token’s value raise questions. Nawfal’s history of controversies also does not bode well for his case, leaving many questioning the true nature of this event.

Whether this was a genuine mistake or an intentional scam, the incident reflects the ongoing risks in the crypto arena.

Three weeks ago, rumors circulated about the alleged sale of Kanye West’s X account. The supposed new owners used it to promote the Barkmeta meme coin, sparking fears of a meme coin rug pull.

The incident raised questions about celebrity involvement in crypto scams. Meanwhile, Barstool Sports founder Dave Portnoy faced backlash over accusations that he orchestrated a GREED rug pull.

After promoting the coin, Portnoy allegedly sold off a large portion of his holdings, leading to a price collapse that left investors at a loss.

Additionally, reports indicate that insiders behind the LIBRA meme coin have been linked to other controversial projects, including the MELANIA coin, which also faced rug pull allegations.

The growing trend of rug pulls highlights the risks investors face when buying tokens associated with high-profile figures or influencers.

Data on GeckoTerminal shows that ROSS has been down by over 95% in the last 24 hours and is trading around its floor price. 

Pi Network (PI) has recently experienced a significant decline, with the price falling by 15% in just 24 hours. The altcoin is now inching closer to falling below $1.00 as investors have moved to secure their gains. 

This downtrend is a result of a combination of market conditions and rising outflows, which have created significant selling pressure on the asset.

Pi Network Is Facing Outflows

The Chaikin Money Flow (CMF) indicator is reflecting the market’s weakening sentiment, showing a sharp downtick this week. At present, the CMF is hovering around the zero line, signaling that outflows are beginning to outweigh inflows. This trend is a bearish sign for Pi Network, as it indicates that investors are choosing to sell off their holdings to lock in profits.

If the CMF dips below the zero line, it would signal that outflows are fully dominating, which could exacerbate the sell-off. This shift would lead to even more downward pressure on the asset, prolonging the negative trend and pushing the price further down.

The overall market sentiment continues to reflect bearish conditions, with the Relative Strength Index (RSI) nearing the oversold threshold of 30.0. This suggests that Pi Network, along with other altcoins, is facing substantial selling pressure. The general market trend is pushing most cryptocurrencies down, and PI appears to be no exception.

The RSI level is a critical technical indicator, and its position indicates that Pi Network may be headed for a further decline. While the market continues to show weak bullish momentum, the lack of significant support and investor confidence could lead to PI price suffering in the short term.

PI Price Aims For Break Out

Currently, PI is trading at $1.14, a 15% drop from its previous value. The altcoin has fallen below its support level of $1.19 and is moving within a descending wedge pattern. This suggests that further downside movement is likely, with the asset testing its lower trendline.

If these bearish conditions persist, PI is likely to fall through the trendline and reach the support level of $0.92. This would bring PI closer to the critical $1.00 level, potentially triggering more selling from investors as the downward momentum builds. A drop below $1.00 would be concerning, as it would mark a significant loss for holders.

However, if PI manages to reclaim $1.19 as a support floor, the altcoin has a chance at recovery. A successful rebound above $1.19 could pave the way for a rise toward $1.43. This would help PI potentially break out of its current pattern and invalidate the bearish outlook.