The cryptocurrency market is showing signs of a bearish trend, with Solana's native token SOL being one of the major cryptocurrenices facing double-digit drops in a single week. In the last seven days, SOL has experienced a 16.08% plummet, with a 1.67% nosedive recorded over the last 24 hours and the token currently trading at $20.99. Analyzing SOL's market trend requires an assessment of both short-term and long-term trends, which appears to be conflicting at present.

Glimpses of bearish influence can be seen when looking at the 200MA candlesticks, which most investors understand as a bearish signal in the long term. However, the MACD line is trading above the signal line, suggesting a bullish trend in the short-term. Though, this could easily change as the MACD line is slowly reaching the signal line, which could suggest that SOL is, in fact, under the bear's spell. The histogram model confirms this, as the number of red bars increasing indicates strengthening bearish power.

The Relative Strength Index (RSI) also gives a bearish sentiment with the meter currently valued at 36.56, signifying a weak trend, as the RSI moved below SMA's path. If it continues, it could enter the oversolar region, giving rise to an even weaker low phase in the market. In the worst case, SOL could reach the support level.

Before concluding the bearish grip on SOL's price action, traders should carefully note the movements of the MACD indicator and RSI to make informed decisions about whether SOL would remain under the bear's influence. As it stands, all signals suggest a bearish sentiment, but developments could yet change the scenario.



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