Solana (SOL) price reached an all-time high of $264 on November 22 but has since entered a correction, dropping nearly 10% in the past 24 hours. Indicators like BBTrend and DMI show increasing bearish momentum.

The EMA lines, while still showing a bullish structure, hint at a potential death cross, which could intensify the correction if it forms. As SOL approaches key support levels, its ability to recover bullish momentum will determine whether it revisits resistance at $248 or faces further declines toward $194.

SOL BBTrend Is Negative for the First Time in 8 Days

Solana BBTrend has turned negative for the first time since November 18, currently sitting at -0.54. The BBTrend, or Bollinger Bands Trend, measures the momentum and direction of price movement relative to the Bollinger Bands, with positive values indicating upward trends and negative values suggesting downward trends.

This shift to negative territory signals increasing bearish momentum, marking a stark contrast from its recent peak of 10.8 on November 20, just before SOL reached a new all-time high.

Although -0.54 might not seem significant, it reflects a clear change in market sentiment, with SOL now down nearly 10% in the last 24 hours.

If the BBTrend continues to decline, it could amplify the bearish pressure, pushing SOL into a deeper downtrend. This would likely lead to further price corrections as sellers dominate and the market loses confidence in its short-term recovery potential.

Solana Downtrend Is Getting Stronger

SOL DMI chart shows its ADX rising to 27.24 from 21 yesterday, signaling a strengthening trend momentum. The ADX, or Average Directional Index, measures the strength of a tren

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Author: Tiago Amaral