Solana
Solana (SOL) Aims Down, But Not for Long — TradingView News
Solana has been on a notable downtrend since April, with its price returning from a high of around $200. Currently, the asset is going through a difficult phase, moving downward with signs indicating a potential slowdown in this bearish dynamic.
Declining trading volume is a critical indicator suggesting that sales activity is losing steam. This drop in volume often precedes a possible reversal because it indicates a lack of conviction in continuing the current trend. Solana’s price action over the past few weeks further confirms this fact, as the asset struggles to maintain downward momentum, hinting at a potential shift in market sentiment.
Solana is testing important support around the $130 mark, which could play an important role in the coming weeks. This level has become a new low point for the asset, and holding it above could be the first sign of a potential reversal, potentially marking the formation of a higher low – a bullish signal for investors at looking for a turnaround.
However, challenges remain. The 26-day EMA acts as strong resistance, coupled with trendline resistance visible on the chart. These technical barriers will need to be overcome for a convincing bullish reversal. The next immediate support after $130 is around $140, coinciding with the 100-day EMA, providing another crucial level that could support Solana price if current support holds.
Looking ahead, Solana’s future depends on its ability to sustain above these support levels and break through key resistances. A successful breakout of the 26-day EMA and trendline could catalyze renewed interest in Solana, potentially leading to a recovery phase.