💥 According to AMBCrypto: SOL Analysis
SOL’s key technical indicators, observed on a daily chart, suggested the possibility of a further decline in its value.
For example, its Elder-Ray Index returned a negative value as of this writing. This indicator measures the relationship between the strength of buyers and sellers in the market.
When its value is negative, it means that bear power is dominant in the market.
At the time of press, SOL’s Elder-Ray Index was -35.17. Since the beginning of the month, it has returned only negative values.
Likewise, its Aroon Down Line (blue) was 71.43%, while its Aroon Up Line (orange) was spotted at 0%.
An asset’s Aroon indicator measures its trend strength and potential reversal points.
When the Down Line is close to 100, it indicates that the downtrend is strong and that the most recent low was reached relatively recently.
Conversely, when the Up Line is close to zero, the uptrend is weak, and the most recent high was reached long ago.