Solana (SOL) Technical Analysis: Key Moving Averages Breached, Short-Term Weakness Continues
Solana showed a long bearish candlestick pattern yesterday, accompanied by short upper and lower shadows, with trading volume reduced by about 25% compared to the previous day, indicating that there was no panic selling in the market. After stabilizing above the daily MA30 moving average for two consecutive days, the price failed to maintain its strength yesterday and fell back below this moving average, showing insufficient bullish momentum in the short term.
Currently, the price has found initial support near the daily MA120 moving average, triggering a weak rebound on the hourly level. However, the overall technical pattern still appears weak, and the loss of the MA30 moving average suggests that the market is still in an adjustment phase. Investors need to closely monitor the effectiveness of the MA120 support; if breached, it may trigger a deeper correction. The continuous shrinkage of trading volume indicates a strong wait-and-see sentiment in the market, and it may maintain a range-bound consolidation pattern in the short term.
