Solana continues to fall
The price of the Solana is falling below the recent bullish breakout level from the horizontal channel. The altcoin is also trading below the 20-day exponential moving average (EMA). This technical indicator tracks the average SOL price over the past 20 days. A drawdown of the asset below this key level signals a decrease in buying pressure and an increase in selling.
The moving average convergence-divergence (MACD) indicator also confirms increased selling. The MACD line (blue) is now below the signal line (orange) and tends to zero. Such a crossing of lines is considered bearish and often precedes a decline in the price of an asset. Traders interpret it as a signal to close long and open short positions.