Solana (SOL) price hit a new all-time high on November 22 and is up 208% in 2024, showing impressive growth throughout the year. However, SOL has struggled recently, falling almost 10% in the last 30 days as bearish indicators begin to weigh on the market.
Momentum metrics such as BBTrend and DMI suggest persistent selling pressure and weakening trend strength, keeping SOL in a cautious zone. Whether SOL can hold key support levels or stage a recovery to test new resistance will determine its trajectory in the coming weeks.
Solana’s BBT trend remains negative
SOL BBTrend is currently at -2.12 and has remained in negative territory since December 11, reaching a low of -3.94 on December 13.
Since December 15, it has hovered around -2, indicating a period of sustained bearish momentum with limited signs of recovery. This suggests that selling pressure has persisted, keeping SOL in a cautious market environment.
SOL BBTrend. Source: TradingView
BBTrend is a momentum indicator derived from Bollinger Bands, which measures the strength and direction of a price trend. A negative BBTrend indicates bearish momentum, while a prolonged period near -2 reflects a market struggling to regain bullish strength.
For Solana price, this could imply further sideways movement or a continuation of the downtrend unless there is a change in momentum that supports a price reversal.
The SOL trend is no longer so strong
SOL’s DMI chart shows its ADX at 25.11, down significantly from nearly 40 just two days ago. This drop indicates that the strength of the current trend, whether bullish or bearish, is weakening.
While an ADX above 25 still reflects a moderately strong trend, the recent drop suggests waning momentum in the market.
SUN DMI. Source: TradingView
The ADX (average directional index) measures the strength of a price trend without indicating its direction. Values above 25 indicate a strong trend, while values below 20 indicate a weak or no trend market.
In the case of Solana, D+ at 16.2 and D- at 22.6 suggest that bearish pressure is currently outweighing bullish momentum. This imbalance points to near-term downside risks for SOL unless buyers regain control and push D+ above D-.
Solana Price Prediction: Can SOL Fall Back to $180?
The Solana EMA lines are currently in a bearish configuration, with the short-term EMAs positioned below the long-term EMAs, confirming a death cross on December 15. This pattern usually indicates continued bearish momentum and if the trend persists, SOL may test the support at $203. level.
Failure to hold this support could lead to further losses, and prices could fall as low as $183, representing a correction of almost 15%.
However, if SOL price manages to regain its uptrend, it could challenge the resistance at $221. A successful break above this level could pave the way for further gains, with SOL price potentially targeting $234 and even $246 in the near term.
