Solana (SOL) Price Action: Is the Downtrend Losing Steam?

Solana (SOL) has been on a downward trajectory for weeks, but a potential shift in momentum could be on the horizon.

Solana (SOL) has been on a downward trajectory for weeks, but a potential shift in momentum could be on the horizon.

Solana Price Action: Key Levels to Watch

Solana is currently trading at $138.19. After weeks of continuous declines, the cryptocurrency is approaching a critical support zone between $135 and $140. This area has historically attracted buying interest, making it a key level for traders to watch.

Recent price movements suggest that sellers may be losing momentum. The latest candlestick formations indicate that while downward pressure persists, it is showing signs of weakening. The most recent bearish candle is smaller compared to previous ones, suggesting a potential exhaustion of the downward trend.

If SOL can hold above this support level, there is potential for a rebound towards the $150–$160 range, where traders will encounter the next significant resistance zone.

Solana TD Sequential Indicator Flashes '9' Buy Signal

One of the most significant signals currently catching traders’ attention is the TD Sequential indicator’s “9” buy signal on Solana’s 4-day chart. This technical tool, used to identify trend exhaustion and possible reversal points, has flashed its final count at a critical juncture.

Historically, when the TD Sequential indicator flashes a “9” signal on a chart, it suggests that the asset may be nearing the end of its downtrend and could soon experience a price increase or at least a temporary relief rally.

For this bullish scenario to unfold, Solana’s price must remain above the $135 support level. A break below this zone could negate the buy signal and increase the chances of further downward pressure.

Confirmation of the potential reversal will be crucial. Traders will be looking for increased buying pressure, indicated by large green candles, and sustained trading volume to support the price gains. Without these factors, there remains a risk of further declines.

Solana Surprises Traders with Smaller-Than-Expected Bearish Candle

As the new week begins, traders are discussing the TD Sequential indicator’s buy signal, which is often used to anticipate market turning points. However, with the market remaining in a downtrend and lacking strong buying interest, some traders are skeptical of a sustained rally.

Solana’s ability to defend its current support levels will be crucial in determining the next move. A strong defense of the $135–$140 zone could trigger a bullish reaction, pushing the price higher. However, if the support fails, further downside could be in store.

For now, the crypto community is keeping a close eye on how Solana reacts to this key technical signal. The next few days will be critical in determining whether SOL can break out of its downward pattern and reclaim bullish momentum.