Can Bulls Halt the Freefall, or Do Bears Truly Hold the Reins?

The recent price graph of Solana hints at a downtrend. With the formation of the death cross, the price slips to the support at $130.21. Breaking past this level might push for a deeper slide below the $127.10 mark. On the upside, if SOL bulls regained power, the price could rise to $136.47. With extended gains, the golden cross would take place, potentially eyeing its subsequent resistance at around $139.68.

Solana Momentum Slips as Indicators Lean Negative

SOLs Moving Average Convergence Divergence (MACD) line and signal line have fallen below the zero line, reflecting a bearish shift. The asset currently trades below its longer-term average, showing downward strength. A crossover above zero brings in early signs of a potential trend reversal.

Besides, the Chaikin Money Flow (CMF) indicator resting at -0.11 points out that there is selling pressure in the Solana market. The capital is flowing out of the asset, with the bears having the upper hand. Unless the value moves back above zero, the downside momentum may persist.

The daily Relative Strength Index (RSI) of Solana is settled at 25.55 indicates that it is in the oversold territory. As strong selling pressure is present, it can signal a potential bounce if the buyers step in. Moreover, Solanas Bull Bear Power (BBP) value is stationed at -11.28 suggests strong bearish dominance. Significantly, the sellers are firmly in control, with heavy downside pressure and limited bullish strength in the near term.