In the crypto currency market, things are not going well on the solana (left) façade. The left, which lost more than 6 %in a week, has been stuck below $ 150 since March 6. Technical indicators indicate that the decline has not yet ended and critical levels can be tested in the coming days. In particular, signals such as Ichimoku cloud, ADX and death intersection show that bears take control.
Ichimoku cloud is ringing danger bells for solana
Solana’s Ichimoku cloud chart points to a clear trend of fall. The price is traded below the levels of both Kijun-Sen and Tenkan-Sen (blue line). This clearly reveals the existence of a strong sales pressure among market players.
Can solana (left) fall below $ 110? Market alarmsIn addition, the Lagging Span) is also under the cloud of both price candles and clouds. This structure proves that the decline tendency continues. The red and downward direction of the front cloud shows that a strong resistance zone is formed in the near term.
ADX and DMI shows that bears gain strength
Solana’s DMI (Directional Movement Index) painting says it increases the impact of the bear market. The ADX value splashed from 19.74 to 40.87 in just three days. This increase shows that the current trend is not only strong, but also rapidly strengthened.
At the same time, the positive aspect of the indicator +Di decreased from 17.32 to 8.82, while the negatively was constant at the level of 31.09. This table clearly demonstrates that sales pressure is completely dominant. -As long as it remains high, it seems very difficult for Solana to make a upward move in the short term.
Solana may fall below $ 110!
One of the most remarkable developments was that Solana was the form of Death Cross ”formation. This structure, which is formed by the short -term moving average to below the long -term average, is known as the harbinger of harsh decreases. For now, the price is quite close to $ 120 support.
If this level breaks, solana seems to be likely to fall below $ 112 and then not since February 2024. However, in order to invalidate this decline scenario, the bulls need to be activated. If the procurement pressure increases, the left can rise to $ 136 resistance. If this level is exceeded, a recovery potential may arise up to $ 147 in the short term.
