CandleFocus Solana (SOL) Struggles to Hold Gains After Reaching New ATH
2024-11-26
Author: Content Editor
Solana (SOL) reached an all-time high but has since entered a correction, dropping almost 10% in the past 24 hours. Indicators like BBTrend and DMI show increasing bearish momentum. The EMA lines suggest a potential death cross, which could intensify the correction. If SOL can recover bullish momentum, it may revisit resistance at $248, but further declines towards $194 are possible. The BBTrend has turned negative, indicating downward trends, and the DMI shows strengthening bearish sentiment with a significant gap between bearish and bullish forces. The ADX is rising, reflecting increasing momentum in the downtrend. SOL's EMA lines still present a lingering bullish setup, but there is caution among traders due to the possibility of a death cross formation. If the death cross forms, the correction could intensify, testing support at $204 and potentially declining to $194. However, if Solana regains bullish momentum, it could challenge resistance at $248 and potentially achieve a new all-time high.
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