Is Solana In A Macro Trend Move? Charts Show Potential Shift
Solana (Sol) has the lowest price levels since September 2024, as the entire cryptocurrency market struggles with fear and huge sales pressure. Solana lost more than 55% of its value in less than six weeks, removed earnings from post-election rally and raised concerns among investors about a potentially extended downward trend.
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Panic has taken over the market, and traders are increasingly worried that Solana’s corrections may continue to lower price levels. Despite repeated attempts to restore power, the Bulls were unable to defend the critical demand zone, thus keeping the bears in control.
Top analyst Ali Martinez shared a technical analysis on X, pointing out that Solana appears to be experiencing a macro trend shift from bullish to bearish. If SOL fails to recover critical levels as quickly as possible, it may herald a deeper downtrend and further sales pressure in the coming weeks.
Currently, investors are paying close attention Solana’s next step. If the SOL can retract the critical resistance level, it can stabilize and may trigger recovery. However, failure to exceed the current price may lead to a sustained bearish phase, increasing the risk of further declines.
Solana faces severe sales pressure
Solana trades below crucial daily support levels, invalidating the bullish structure papers that many traders insist on. Price action is weak, and now Solana is trapped in a higher time frame, between $120 and $220. If the Bulls don’t defend the lower end of the range, Solana could face the risk of a long bear market.
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The current price breakdown shows that the bear is still in control as sales pressure continues to increase. Solana has been working to restore momentum, and the once-explosive uptrend that once began in July 2023 is in danger of collapse. Analysts are now monitoring whether SOL can exceed the $120 support level, as not doing so can trigger deeper corrections.
Martinez’s technical analysis It is pointed out that Solana appears to be experiencing macro trend changes. Martinez explained that the bullish trend starting in mid-2023 is on the brink of breaking, and if Saul continues to lose key demand levels, it could confirm a long-term bearish phase.
Investors are now waiting for confirmation of the move. If Solana can recover critical resistance levels, then bullish momentum can be rebuilt. However, if the price fails to hold support and breaks below $120, it may indicate the beginning of the Solana bear market.
Price test long-term demand
Solana fell 33% in less than two weeks and was priced at $130. The market is in a state of panic and sales pressure is overwhelmingly bullish trying to return to key levels. The Bulls lost control of price action and Solana struggled to find strong support.
At this stage, the most critical level is $120. If Sol drops below this mark, it may trigger a deeper correction and push the price toward unknown bearish territory. But if buyers step in and defend this level, Solana can stabilize and prepare for a potential recovery rally.
For a trend reversal, SOL must recover the $160 level as soon as possible. This will help restore bullish momentum and turn market sentiment into optimism. However, this process may take time, especially given the current uncertainty and wider market weakness.
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The $120-$140 integration phase can be used before any meaningful recovery occurs. A strong rebound could occur if Solana holds above support and demand starts to increase. However, if these levels are not held, the bearish trend can be confirmed, further extending the correction.
Featured images from DALL-E, charts from TradingView
