Solana (SOL) price is currently trading roughly 15% below its all-time high reached on November 22, while its market cap it’s now at $107 billion, surpassing tech giant Xiaomi. Despite a positive BBTrend on December 8, indicating some upward momentum, it has since weakened and is now at 0.66, suggesting that the trend could reverse soon.

Meanwhile, SOL’s DMI chart shows an increasing ADX of 26.2, signaling that the strength of the trend is rising, although the negative momentum remains dominant. With the EMA lines also turning bearish, SOL price could face further declines, potentially testing support levels as low as $215 in the near term.

SOL BBTrend Is Positive, But That Could Change Soon

After staying negative between November 27 and December 6, Solana BBTrend turned positive again, peaking at 2.8 on December 8.

However, it is currently at 0.66, suggesting that the positive trend is weakening.

BBTrend is a technical indicator derived from Bollinger Bands. It measures the strength and direction of a trend. A positive BBTrend value suggests upward momentum, while a negative value indicates downward momentum.

Although SOL’s BBTrend was positive recently, its current decline implies that the trend may not have enough strength to sustain upward movement. If BBTrend turns negative again, it could signal a potential downtrend for SOL, possibly leading to further price declines.

Solana Downtrend Turned Strong But Appears To Have Stabilized

Solana DMI chart shows its ADX is currently at 26.2, up from around 16 just a day ago.

This indicates that the strength of the trend is increasing, suggesting that a more defined movement is starting to form.