Solana (SOL) Price Under Pressure
Solana (SOL) Price Under Pressure
Solana (SOL) has experienced a 6% drop in the past week, trading below $150 since March 6th. Multiple technical indicators suggest growing bearish pressure, raising concerns about further price declines.
Bearish Technical Indicators
- Death Cross: A bearish signal where short-term moving averages cross below long-term ones has formed.
- Ichimoku Cloud: The chart displays a clear bearish structure, with the price below both the Kijun-sen and Tenkan-sen. The Lagging Span is also below the price and cloud, reinforcing the negative outlook.
- Average Directional Index (ADX): A sharp rise in the ADX to 40.87 signals a strong downtrend. The -DI (negative directional indicator) dominates the +DI, further confirming seller dominance.
These indicators paint a bearish picture for SOL in the short term. The thin Ichimoku cloud suggests weak support, increasing vulnerability to further price drops.
Potential Drop Below $110?
With Solana approaching key support at $120, a break below this level could trigger a decline to $112, potentially even below $110—a level not seen since February 2024. However, a significant rebound is possible if buying pressure increases.
Reversal Potential
For a price reversal, Solana needs to break above the Kijun-sen and decisively push towards the Ichimoku cloud. A break above the $136 resistance level could lead to a push towards $147.
Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice. Market conditions are subject to change. Conduct your own research and consult a professional before making any financial decisions.
Codeum provides comprehensive blockchain security services, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consulting, and partnerships with launchpads and crypto agencies. Contact us to secure your blockchain project.