Solana (SOL) price has surged by 12% over the past six days, riding a wave of bullish momentum that has seen it break through multiple resistance zones. This rally has been fueled by technical strength, including bullish EMA positioning and supportive BBTrend values.
However, with recent gains accumulating quickly, traders are now assessing if SOL can maintain this upward force. The ability to test and hold key resistance levels will be crucial in shaping the next price movement.
BBTrend Suggests SOL Bulls Are Strong
SOL BBTrend is currently positive, around 8.08, indicating a solid bullish momentum for Solana. This means that the price is trading above the middle Bollinger Band, showing a favorable market sentiment.
A positive BBTrend often suggests that the price trend is well-supported, and the asset could continue its upward trajectory. However, the BBTrend alone should be complemented with other indicators to confirm the overall strength and sustainability of the trend.
Read more: 13 Best Solana (SOL) Wallets To Consider in October 2024
The BBTrend metric measures the strength and direction of the trend using Bollinger Bands, which track volatility. While the current BBTrend value remains positive, it has dropped from 9.01 over the past few days, suggesting that Solana’s bullish momentum might be waning.
This decline could imply that the current trend is weakening, meaning SOL price may face increased resistance and possibly a shift towards a more neutral or sideways movement.
Solana Current Uptrend Could Be Losing Momentum
The SOL DMI chart reveals that the current uptrend strength is at 34, as indicated by the yellow line, which represents the Average Dir
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Author: Tiago Amaral
