Since April 23, the price of Solana has been moving in a narrow range: resistance at $153.67 above and support at $145.68 below. However, increasing selling pressure creates a dangerous situation.
In this article, we analyze the technical indicators of Solana to understand in which direction a breakout is possible and where the price might go in the near future.
Solana is in danger: sellers are strengthening their control.
The MACD indicator for SOL is preparing to form a 'Death Cross': the MACD line (blue) is close to the signal line (orange), awaiting a catalyst for a decline. This pattern is considered a classic bearish signal, foreshadowing a sustained downward trend. What is a 'Death Cross'
The 'Death Cross' is a technical analysis pattern that signals an impending sell-off. It occurs on the MACD when the fast MACD line (DIF) crosses below the signal line (DEA).
The Balance of Power (BoP) for Solana is also in negative territory, which reinforces the downward trend. This means that sellers have gained control over the market. At the time of publication, this indicator stands at -0.12.
The BoP indicator assesses the balance between buyers and sellers by comparing the closing price with the trading range over a certain period. A negative BoP value indicates seller dominance and foreshadows increased bearish pressure.
SOL is testing key support amid rising selling pressure.
With the strengthening bearish momentum, Solana risks breaking the support level at $145.68, confirming a short-term downward trend with the next target at $142.32. If buyers cannot regain control at this level, the price may test the lower boundary of the wide range at $133.94.
The bearish forecast will lose relevance if new demand emerges. In this case, SOL could overcome resistance at $153.67 and aim for $171.50.
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