Pressure Mounts on Solana (SOL): Is a Deeper Red Zone Taking Shape?
- Solana is currently trading at $127.
- The SOL market sees a liquidation of $7.31M.
The crypto market’s modest attempt to escape the bearish pressure resulted in a brief 1.97% spike. Currently, most of the assets are charted in green, moving to their recent highs. But deep down, the overall sentiment is fear and uncertainty. Among the altcoin pack, Solana (SOL) has registered a 2.75% spike.
The asset opened the day trading at around a low level of $123.05. With a gradual push toward the bullish side, the SOL market turned and rose to a high range of $127.62. Once the active bulls sustain their dominance, the asset’s price could see more gains, likely revisiting the former highs.
Solana trades within the $127.32 zone at press time, and its market cap is settled at $72.05 billion. Moreover, the daily trading volume has reached the $3.7 billion mark. The Coinglass data has exhibited that the market has witnessed a 24-hour liquidation of $7.31 million worth of Solana.
Notably, if Solana acquires positive momentum, the price might go up toward the key resistance at around $128. A sturdy bullish pressure could trigger the golden cross to take place and gradually send the asset’s price higher. On the downside, assuming it loses ground, the SOL price slips toward $126 support. This fall would boost the bearish correction and initiate the death cross emergence. Eventually, it drives the price even lower.
Solana Shows Growing Downside Risk as Bears Gain Ground
SOL’s Moving Average Convergence Divergence (MACD) line and the signal line are stationed beneath the zero line, indicating bearish momentum. It is currently trading below its longer-term average. Unless the lines start turning up or cross above, the downside pressure may continue.
SOL chart (Source: TradingView)
In addition, the Chaikin Money Flow (CMF) indicator at 0.06 suggests mild selling pressure in the Solana market. More capital is slightly flowing out of the asset, which hints at weak demand. Also, it displays a lack of strong buying confidence unless the value moves back above zero.
The daily Relative Strength Index at 56.07 implies neutral-to-slightly bullish sentiment. Solana is not overbought or oversold; it has balanced market conditions. A stronger move would need RSI to push higher toward the 60–70 range. Besides, SOL’s Bull Bear Power (BBP) reading at 2.77 displays moderate bullish strength, with buyers currently having the upper hand. It is pushing the price above, but the momentum is not extremely strong yet.
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