Solana (SOL) price is currently 12% below its all-time high, which was reached on November 22. Despite this recent pullback, SOL remains one of the year’s top performers, boasting an impressive 275.85% gain year-to-date.
Recent technical indicators, including the BBTrend, DMI, and EMA lines, suggest the market may be entering a consolidation phase. This could set the stage for SOL to test key support and resistance levels as it seeks its next major move.
SOL BBTrend Is Negative, But Far from Its Peak
SOL’s BBTrend is currently at -1.43, recovering from its peak negative level of -8.34 on November 28. Although it has remained negative since November 27, this less extreme reading suggests SOL may be entering a consolidation phase.
SOL price could now stabilize within a narrower range as the bearish pressure appears to be easing.
BBTrend measures price momentum relative to Bollinger Bands, with negative values indicating downward pressure and positive values signaling upward trends.
Solana current BBTrend level, while still negative, is far less bearish than its previous lows. This may reflect a transition phase, where the market is pausing to decide its next major move.
Solana Trend Isn’t Strong
SOL’s DMI chart indicates that its ADX has dropped to 20.6, down from nearly 30 just a day ago. This decline suggests weakening trend strength, potentially signaling reduced market momentum.
Meanwhile, the D+ is at 19.3 and the D- is slightly higher at 22.9, implying a slight bearish advantage as sellers maintain control over buyers.
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Author: Tiago Amaral
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