Momentum Decline Sends Solana (SOL) to 21% Monthly Loss: What’s Next?
Solana (SOL) price has faced significant challenges recently, dropping 21% over the past 30 days. Despite this decline, SOL remains the sixth-largest cryptocurrency in the market, with a market cap of around $90.8 billion.
Technical indicators such as BBTrend, DMI, and EMA suggest that while the downtrend continues, its strength has diminished, and the price is currently in a consolidation phase. Whether SOL price continues its downward trajectory or begins a recovery depends on key support and resistance levels and market momentum shifts.
SOL BB Trend Nearing Zero
SOL BBTrend is currently at 0.18, indicating a neutral stance after recovering from deep negative levels that began on December 23.
The indicator briefly peaked at a positive value of 3.09 on December 27, indicating short-term bullish momentum. However, it has since declined and stabilized around 0.18, indicating the absence of a strong directional bias in the current price action.
It is a technical indicator derived from Bollinger Bands that measures the strength and direction of a trend. Positive values of BBTrend typically indicate bullish momentum, while negative values indicate bearish momentum. When BBTrend is close to zero, as is currently the case for SOL, it reflects a neutral or rangebound market, with no strong trend dominating.
In the short term,
