Technical indicators point to weakness in SOL
Solana continues to fight for the $200 level, but so far without success. Over the past 30 days, the price has fallen by almost 13%, and indicators show the weakness of the bullish trend.
Technical signals remain bearish:
Ichimoku cloud indicates a decline
On the Solana chart, the price continues to remain below the Ichimoku cloud, which confirms the predominance of sellers. The Ichimoku cloud remains red, which means that the downward trend is likely to continue. The conversion line (blue) is below the baseline (brown), which is also a signal for further decline.
ADX dropped to 12.4, indicating a weak trend
The ADX indicator has dropped to 12.4 from 22.3, indicating a weak trend and no clear direction. If Solana fails to consolidate above $200, selling pressure may increase.
Key resistance is $209, only its breakout can open the way to $219 and $244
If Solana continues to decline, the nearest support zone will be $187, and a break there could lead to a drop to $175.
Solana has failed to hold above $205 on several occasions, confirming the weakness of the bulls. $209 remains a key resistance. Solana is currently under pressure and trading volumes remain low. However, a breakout of key levels could lead to a change in market sentiment.
If the price drops below $187, further decline to $175 is possible.
A consolidation above $209 could lead to growth to $219.
With increased buyer activity, $SOL may test $244.
