Solana (SOL) price has experienced a strong rally, up 14.29% over the last 30 days. Despite some mixed signals in recent metrics, SOL has shown resilience, maintaining a generally bullish structure.

Indicators like the BBTrend and EMA lines suggest ongoing positive sentiment, but potential weaknesses are emerging. Whether SOL can sustain its upward momentum or faces a pullback will largely depend on how these indicators evolve in the coming days.

SOL BBTrend Is Positive

SOL’s BBTrend is currently at 4.73, maintaining a positive trend since October 12. The only exception was a brief dip into negative territory on October 29. This suggests ongoing bullish momentum for SOL despite that minor blip.

While the current BBTrend value is not as strong as the levels seen on October 23 and 24, which reached around 8 and 9, the fact that BBTrend remains positive is a promising sign for SOL holders.

Read more: 7 Best Platforms To Buy Solana (SOL) in 2024

BBTrend, or Bollinger Bands Trend, is a useful indicator that measures price strength relative to the Bollinger Bands. A positive BBTrend points to upward pressure, implying that the price is comfortably above its key averages.

Although the current value of 4.73 is lower than the recent highs, the recent upward movement suggests that buyers could be coming back into the market. This could be the result of the news of VanEck offering Solana staking to institutional investors.

Solana Current Uptrend is Not Strong Anymore

SOL’s ADX is currently at 12.3, as indicated by its DMI chart. This value suggests that the strength of the current trend is weak, implying that Go to Source to See Full Article
Author: Tiago Amaral