Solana Faces Bearish Pressure as Key Indicators Signal Downtrend

Since April 23, the price of Solana has been oscillating within a tight range, encountering resistance near $153.67 and finding support around $145.68. A growing wave of bearish pressure threatens to break this range to the downside, with a key technical indicator on the verge of confirming a major sell signal.

Solana’s Moving Average Convergence Divergence (MACD) indicator is poised to form a death cross, a bearish crossover where the MACD line dips below the signal line. As of the latest update, the coin’s MACD line rests near the signal line, awaiting a catalyst to push it under. This pattern often precedes a sustained downtrend and is widely viewed by traders as a sign of weakening price strength.

Further reinforcing the downtrend, Solana’s Balance of Power (BoP) is currently negative, indicating that sellers have gained market control. At the time of writing, this stands at -0.12. The BoP indicator measures the strength of buying versus selling pressure by comparing the closing price to the trading range over a given period. When an asset’s BoP is positive, it signals that buyers are in control, indicating strong upward momentum and potential for continued price gain. Conversely, a negative BoP value, as seen with Solana, indicates that sellers dominate the market, suggesting an increase in downward pressure and hinting at the potential commencement of a new decline phase.

As bearish momentum builds, Solana risks breaking below the support level at $145.68. A decisive break beneath this threshold would confirm a short-term downtrend and potentially trigger a deeper decline toward $142.32. Should buyers fail to regain control at that point, Solana could slide further to test the lower support at $133.94. However, this bearish outlook could be invalidated if fresh demand emerges and buying interest strengthens. In that bullish scenario, Solana may overcome resistance at $153.67, opening the door for a rally toward $171.50.