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SafeMoon Faces Increased Selling Pressure as Price Fluctuates Following Transition to Solana

SafeMoon Faces Increased Selling Pressure as Price Fluctuates Following Transition to Solana WikiBit 2025-03-09 22:26

SafeMoon (SFM) has seen notable volatility recently, gaining over 25% following its strategic migration to the Solana network amidst market fluctuations.

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SafeMoon Faces Increased Selling Pressure as Price Fluctuates Following Transition to Solana

SafeMoon (SFM) has seen notable volatility recently, gaining over 25% following its strategic migration to the Solana network amidst market fluctuations.

  • The price action has been accompanied by profit-taking and a significant increase in selling pressure, indicating potential challenges ahead for SFM holders.
  • Experts note that a decisive break below the $0.000061 support level may trigger further declines, while renewed demand could counter this bearish sentiment.

SafeMoon Faces Increased Selling Pressure After Network Migration

Following its recent migration from the BNB Chain to Solana, SafeMoon has experienced a drastic price shift. The initial surge of over 25% captured the attention of traders, yet the subsequent selling pressure has raised concerns. The SFM/USD daily chart illustrates a troubling trend characterized by a negative Balance of Power (BoP) sitting at -0.96, suggesting that sellers currently dominate the market.

The BoP serves as a critical barometric indicator, comparing the strengths of buyers versus sellers by evaluating price movements within specific time frames. A negative BoP indicates enhanced control by sellers, thereby indicating stronger downward pressure on SFMs price. This trend demonstrates diminished bullish momentum among SFM holders, signaling potential declines if the trend persists.

Concurrently, SFM has recorded an 8% price decline over the last 24 hours, bringing it close to its 20-day exponential moving average (EMA). The EMA is essential in identifying short-term price trends, leveraging more recent pricing data.

When an asset‘s price approaches and potentially breaches the 20-day EMA, it signals increasing selling pressure and suggests a shifting trend from bullish to bearish, which is currently evident in SFM’s price action.

Critical Support Level at $0.000061 for SafeMoon

SafeMoon now grapples with crucial price points, where the 20-day EMA functions as dynamic support at $0.000061. A break below this level could catalyze further downward movement, potentially dragging prices down to as low as $0.000047.

Nonetheless, any signs of renewed demand or bullish sentiment could provide SFM with the necessary momentum to assess resistance at $0.000068, possibly paving the path toward reclaiming its multi-year high at $0.000011 in the longer term.

Market Sentiment and Future Outlook for SFM

The current market sentiment surrounding SafeMoon depicts a cautious outlook. As investors weigh their options, the balance between profit-taking and new buying interest will be pivotal in determining SFM‘s short-term performance. Key levels to watch include the support at $0.000061 and resistance at $0.000068. The successful navigation of these price points will shape the token’s trajectory in the coming weeks.

Conclusion

In summary, SafeMoon‘s recent migration has generated excitement, but the resurgence of selling pressure is a significant hurdle to overcome. Traders must observe critical support and resistance levels closely, as these will influence the token’s next move. A breach of the key support could lead to additional declines; however, renewed demand might establish a healthier market sentiment moving forward.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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