Solana (SOL) reached an all-time high of $264 but has experienced a correction, dropping nearly 10% recently. Indicators like BBTrend and DMI indicate increasing bearish momentum.
The EMA lines maintain a bullish structure but hint at a potential death cross. This could intensify the correction, leading SOL to test key support levels. If it regains momentum, it could revisit resistance at $248 or face further declines toward $194.
BBTrend has turned negative for the first time in eight days, signaling increased bearish momentum. It contrasts with a recent positive trend seen when SOL peaked.
If the BBTrend declines further, SOL might enter a deeper downtrend, heightening bearish pressure as sellers dominate the market.
Solana's DMI chart shows a rising ADX, suggesting strengthening trend momentum, indicating intensified selling pressure.
The DMI indicators reinforce the bearish sentiment with a significant gap between bearish and bullish forces, suggesting negative momentum is solidifying.
The EMA lines showcase a pivotal situation, with short-term lines above long-term ones, indicating lingering bullish setups. However, a potential death cross could signal a shift to bearish momentum. This may lead the price to test support at $204 or further decline if not held.
If SOL regains bullish momentum, it could challenge resistance at $248, possibly surpassing $264, achieving a new all-time high and reinforcing bullish market sentiment.
