Solana (SOL) price has seen strong corrections over the past week, dropping 17% and falling below the $100 billion market cap. The Ichimoku Cloud chart indicates that bearish momentum remains dominant, with SOL trading below key trend indicators and reflecting downside pressure.
Meanwhile, the Directional Movement Index (DMI) suggests that the strength of the current downtrend is still intact, though selling pressure appears to be weakening. With technical indicators showing mixed signals, SOL’s next move will depend on whether it can regain momentum or continue its decline toward lower support levels.
SOL Ichimoku Cloud Show the Bearish Momentum Is Still Here
The Ichimoku Cloud chart for Solana shows a predominantly bearish setup. The price is trading below the cloud, and the cloud itself is shaded red, indicating continued downside pressure.
The Kijun-sen (red line) remains above the price, reinforcing the bearish bias, while the Tenkan-sen (blue line) is also positioned below the cloud, suggesting that short-term momentum is still weak.
Additionally, the Senkou Span A (green cloud boundary) is trending below Senkou Span B (red cloud boundary), signaling that the broader trend remains downward. The fact that the price is below both the conversion and base lines further confirms that bears are in control.
However, there are signs of potential stabilization, as SOL has recently attempted to push higher and is testing the Tenkan-sen. If the price can sustain momentum above this level, it may indicate an early shift in sentiment.
The Lagging Span (green line) is still below the price action, meaning that no clear bullish confirmation is present yet.
To establish a trend reversal, SOL would need to break above the cloud, which
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Author: Tiago Amaral
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