Solana (SOL) price has surged 16.96% in the last seven days and is now very close to reaching a new all-time high. The recent rally has positioned SOL just under 3% from its previous ATH, signaling strong bullish sentiment in the market.

However, indicators like BBTrend and ADX suggest that the current uptrend is losing some momentum, raising caution for potential consolidation or a pullback.

SOL BBTrend Is Still Positive

Solana currently has a BBTrend of 9.56, marking a sustained positive trend since November 18. While it remains in bullish territory, the value is down from its monthly high of 18.64 on November 10, indicating a decline in trend strength.

This suggests that while SOL is still in an uptrend, the momentum behind its recent price movements may be weakening.

BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values signaling an uptrend and negative values indicating a downtrend.

At 9.56, SOL’s BBTrend reflects a moderate bullish sentiment, though it is far weaker compared to earlier in the month. This could mean the current uptrend is stabilizing, leaving SOL vulnerable to consolidation or a potential reversal if buying pressure diminishes further.

Solana Current Uptrend Isn’t as Strong as It Was

Solana (SOL)’s DMI chart shows its ADX at 20.71, indicating a weaker trend than earlier in the month when it was above 50.

The ADX measures the strength of a trend, regardless of its direction, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend. The current value suggests that Go to Source to See Full Article
Author: Tiago Amaral