Solana (SOL) is currently experiencing intense selling pressure, leading to a drop in its price to its lowest level since February 2024. It has declined more than 38% in the past 30 days, indicating a bearish trend. The short-term trend remains bearish, as SOL is trading below key support levels. The Ichimoku Cloud shows a bearish sentiment, with strong resistance expected in the $130 - $135 region. The positioning of the Tenkan-sen and Kijun-sen further supports the bearish outlook. The Average Directional Index (ADX) has increased significantly, confirming the downtrend's strength. The negative directional index (−DI) remains higher than the positive directional index (+DI), indicating that sellers are in control. The bearish trend is likely to persist unless there is a significant shift in market sentiment. The exponential moving average (EMA) lines also suggest downward momentum, with resistance levels at $130 and $135. A successful break above these resistances could lead to a potential rally. However, if the bearish structure continues, support levels at $115 and $112 may be retested, with a possible further decline below $110. The downtrend remains intact unless key resistance levels are reclaimed.



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