CandleFocus

Solana (SOL) Price Shows Signs of Recovery After 27% Correction

Author: Content Editor
Solana (SOL) recently reached an all-time high but has since entered a corrective phase and is currently trading 27% below that peak. Technical indicators show mixed signals, with bearish momentum easing but still dominant. The BBTrend, a momentum indicator, is improving but remains negative. The DMI suggests the current downtrend is losing strength. SOL's price trajectory will depend on whether bullish signals gain traction or bearish pressure intensifies. The BBTrend's recent improvement indicates selling pressure might be easing. The DMI's ADX, a measure of trend strength, has decreased, indicating the strength of SOL's downtrend is weakening. This could lead to a consolidation phase or potential reversal if buyer strength increases. SOL's closest resistance is at $195, with short-term EMAs hinting at a possible bullish trend reversal. If the resistance is broken, SOL could target $204 and potentially climb further to $215. On the downside, if bearish momentum strengthens, SOL may retest the $183 support level and potentially drop to $175.

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