Altcoins News
By James Thorp
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Solana (SOL) has been experiencing considerable pressure as its price struggles to stay above $200, now declining toward the $190 range.
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The Ichimoku Cloud, a popular tool used for identifying market trends and momentum, shows that Solana is currently in a strong bearish setup.
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The Ichimoku Cloud’s projected portion remains bearish, as the Senkou Span A (green line) is positioned below the Senkou Span B (red line).
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Along with the Ichimoku Cloud, the DMI chart also supports the bearish case for Solana. The Average Directional Index (ADX) has recently increased from 12.7 to 20.
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Moreover, the DMI chart shows that the +DI (bullish strength) has fallen from 17.9 to 11.6, while the -DI (bearish strength) has risen from 20.4 to 25.3.
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Solana’s price now faces a critical support level at $187. If the price falls below this level, it could pave the way for a further decline toward $175, reinforcing the ongoing…
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Should Solana be able to reclaim the $200 level, the next major resistance target would be $209, followed by $220.
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In conclusion, Solana is facing increasing bearish pressure, with technical indicators suggesting that the market sentiment is skewed to the downside.
The Currency Analytics
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