Solana (SOL) is experiencing bearish momentum, with its price declining by 2.6% in the past 24 hours to $123.74. This drop is part of a broader market correction, as Solana has seen a 4.8% decline over the past week and a 14.4% decrease over the last 14 days. Despite these downturns, Solana is up 0.4% over the past month.
Technical indicators on TradingView show Solana trading below its 50-day and 100-day Exponential Moving Averages, suggesting weak short-term momentum. The Moving Average Convergence Divergence (MACD) indicator also reflects bearish momentum, although the narrowing gap between the MACD and signal lines hints at a potential weakening of this trend. Analysts are watching for Solana to reclaim the $133.83 level and break through the 100-day EMA at $144.10 to signal a bullish shift.
Market analyst curb.sol suggests that Solana has the potential for a bullish reversal, with an immediate target of $146.91. The analyst predicts that if Solana can break through this resistance, it could reach $150 by next week and potentially $200 by the end of February.
Solana Faces Bearish Momentum Amid Price Decline
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