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Solana (SOL) is facing significant selling pressure, with a steep decline of over 11% in just 24 hours, as bearish trends dominate the market.
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The cryptocurrency’s price is drifting well below critical support levels, with attention now turning to the crucial $112 mark, amid a backdrop of heavy selling.
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The BBTrend indicator remains deeply negative at -6, reinforcing the outlook for continued bearish momentum and a challenging environment for bulls.
Solana (SOL) plummets over 11% in 24 hours as bearish indicators drive the price towards critical support levels, signaling prolonged selling pressure.
Solana Price Hits Yearly Low
Solana’s Ichimoku Cloud chart is currently indicating strong bearish sentiment. Recent price movements have sharply breached both the Tenkan-sen (blue line) and Kijun-sen (red line), confirming a significant rejection of short-term support levels.
These lines are both slanted downward, suggesting that bearish momentum is strengthening and the likelihood of recovery is diminishing.
The distance between recent candles and the cloud further illustrates that any potential rebound is likely to meet serious resistance.
Continuing with the analysis of the Kumo (cloud), the red cloud projected forward is thick and sloping downwards, indicating that bearish pressure is expected to persist for the foreseeable future.
With the current price situated well below the cloud, this typically signifies a strong downtrend for the asset.
For Solana to initiate a reversal, it would need to reclaim the Tenkan-sen and Kijun-sen and decisively break through the entire cloud structure—an outcome that appears unlikely in the near term given the prevailing momentum and cloud configurations.
Solana’s BBTrend Signals Prolonged Bearish Momentum
The BBTrend indicator for Solana currently stands at -6, indicating a prolonged stay in negative territory for over five consecutive days. Just two days ago, it reached a bearish peak of -12.72, underscoring the strength of the recent downturn.
Despite a slight uptick from that low, the continued negative reading suggests that selling pressures remain firmly entrenched and that bullish momentum has yet to materialize.
This BBTrend (Bollinger Band Trend) indicator assesses the trend’s strength and direction using Bollinger Bands; positive values indicate bullish conditions while negative values suggest a bearish trend.
Values above 5 generally signal strong trends. With Solana’s BBTrend below -5, it implies an elevated risk of further declines.
Unless a significant shift in momentum occurs, this enduring bearish signal may continue to impact SOL’s price negatively in the near term.
Solana Eyes $112 Support as Bears Test February Lows
Solana’s price has recently dipped below the crucial $115 level, with the next major support now near $112. A confirmed breach of this threshold could open the door for further downside, potentially pushing the price beneath $110—a level not seen since February 2024.
The current bearish momentum and strong indicators indicate that sellers are firmly in control, raising the probability of testing these lower support levels imminently.
Nonetheless, should Solana manage to stabilize and pivot its current trajectory, a rebound toward the $120 resistance could emerge.
A break above this level would serve as an initial signal of recovery, and if bullish sentiment were to gain traction, SOL could target higher resistance levels at $131 and $136.
Conclusion
In conclusion, Solana’s current technical landscape reflects a pronounced bearish sentiment as pressing indicators suggest continued selling pressure. With the $112 support level in sight, market participants are advised to monitor these developments closely, as the near-term outlook appears challenging, yet potential rebound opportunities could arise if key resistance levels are overcome.
