Solana (SOL) experiences a significant 17% price drop over the week, with its market cap falling below $100 billion. The Ichimoku Cloud chart signals dominant bearish momentum, while the DMI indicates intact downtrend strength. Mixed technical signals could lead to either price recovery or further decline.
The Ichimoku Cloud chart shows a continued bearish setup as SOL trades below key indicators, suggesting downside pressure. The price remains under crucial resistance levels, confirming bears' control. Potential stabilization is noted if SOL sustains gains above the Tenkan-sen, possibly indicating a sentiment shift.
The DMI chart reflects a firm ongoing trend but highlights an easing selling pressure. The ADX value between 30 to 35 supports trend continuity, while declining -DI suggests weakening bearish momentum. An uptrend could arise if +DI rises above -DI, signaling potential trend reversal.
Despite recent price consolidation near $200, market participants assess SOL's next move. If bullish momentum returns, resistance levels at $211 and $223 may be tested, with potential gains up to $244. Nevertheless, continued bearish trends could drive SOL to retest lower support levels, amplifying losses.