Solana (SOL) price continues to attract significant user activity and transaction volume on applications like Raydium, Pumpfun, and Jito. Despite this, SOL has fallen 17% over the past 30 days, losing its $100 billion market cap and currently sitting at $90.6 billion.
Indicators such as BBTrend and ADX suggest a weakening downtrend, with signs of a potential recovery in momentum. Key levels at $183 support and $194.99 resistance will determine whether SOL stabilizes and climbs back toward $200 or faces further downside.
Solana BBTrend Is Almost Positive After 5 Days
Solana BBTrend is currently at -0.43, its highest level since December 21. This marks a significant recovery after hitting a low of -18.89 on December 22. This steady upward movement suggests that bearish momentum is weakening, and buying pressure has been gradually increasing over the past few days.
Although SOL BBTrend is still negative, the approach toward neutral and potentially positive territory indicates a shift in market sentiment that could pave the way for price stabilization or an uptrend in the short term.
BBTrend, or Bollinger Band Trend, is a momentum indicator derived from Bollinger Bands that measures the price’s relationship to the band midpoint. Positive BBTrend values reflect bullish momentum, while negative values signal bearish conditions.
If SOL’s BBTrend turns positive again, as it last did on December 20, it would confirm a full reversal of bearish sentiment and potentially support a renewed upward price trend. In the short term, this ongoing recovery in BBTrend is a positive signal, suggesting that SOL price could see further gains if buying momentum continues to build.
SOL Current Downtrend Isn’t that Strong, But It Could Recover
SOL’s Directional Movement Index (DMI) chart reveals that its Average Directional Index (ADX) is currently at 20.14, a sharp decline from nearly 50 just three days ago. This drop indicates a significant weakening in trend strength, even as SOL remains in a downtrend.
The D+ (positive directional indicator) has fallen to 14.99 from 24 two days ago, signaling a reduction in buying pressure. In contrast, the D- (negative directional indicator) has risen to 24.11 from 17.3, reflecting increased selling activity. This combination suggests that sellers currently dominate the market, although the weakening ADX implies that the bearish trend may be losing steam.
ADX measures trend strength on a scale from 0 to 100, without specifying direction. Values below 20 suggest a weak trend, while values above 25 indicate a strong one. With Solana ADX at 20.14, the current downtrend is losing intensity, even as selling pressure remains higher than buying activity.
In the short term, this could mean that SOL price may stabilize or consolidate, as the lack of a strong trend could provide buyers with an opportunity to re-enter the market. However, continued dominance by the D- could still push prices lower if sellers maintain control.
Solana Price Prediction: Can SOL Rise Back to $200 Soon?
Solana price is currently trading within a range defined by a support level at $183 and a resistance at $194.99. If the $183 support fails to hold, SOL price could face additional bearish pressure, potentially dropping to the next key level at $175.
This scenario would indicate continued selling momentum, making the $183 support a critical threshold for maintaining stability in the short term.
On the other hand, if SOL price manages to regain positive momentum and break above the $194.99 resistance, it could open the door for further upward movement.
The next targets would be $204 and $215, marking a potential 14% upside from current levels.
The post Solana (SOL) Price Nears $183 Support, But Momentum Could Be Improving appeared first on BeInCrypto.