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Solana’s ‘Death Cross’ is Looming as SOL Struggles in the $150 Range

2 mins
Updated by Mohammad Shahid
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In Brief

  • Solana’s price has been stuck in a tight range between $153.67 and $145.68 since April 23, facing resistance and support.
  • The MACD indicator is close to forming a "death cross," signaling potential for a downtrend as the MACD line nears the signal line.
  • With a negative Balance of Power, the market shows growing seller dominance, and a break below $145.68 could lead to further declines.
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Since April 23, Solana’s price has oscillated within a tight trading range, facing resistance near $153.67 and finding support around $145.68. 

A growing wave of bearish pressure threatens to break this range to the downside, with a key technical indicator on the verge of confirming a major sell signal.

Solana Faces Breakdown Risk as Sellers Tighten Grip

SOL’s Moving Average Convergence Divergence (MACD) indicator is poised to form a death cross, a bearish crossover where the MACD line dips below the signal line.  

SOL MACD.
SOL MACD. Source: TradingView

As of this writing, the coin’s MACD line (blue) rests near the signal line (orange), awaiting a catalyst to push it under. This pattern often precedes a sustained downtrend and is widely viewed by traders as a sign of weakening price strength.

Further, SOL’s Balance of Power (BoP) is currently negative, reinforcing the downtrend. This indicates that sellers have gained market control. At press time, this stands at -0.12.

SOL BoP
SOL BoP. Source: TradingView

The BoP indicator measures the strength of buying versus selling pressure by comparing the closing price to the trading range over a given period. 

When an asset’s BoP is positive, it signals that buyers are in control, indicating strong upward momentum and potential for continued price gain.

On the other hand, as with SOL,  a negative BoP value indicates that sellers dominate the market. It suggests an increase in downward pressure on SOL and hints at the potential commencement of a new decline phase. 

SOL Faces Key Support Test Amid Mounting Sell Pressure

As bearish momentum builds, SOL risks breaking below the support level at $145.68. A decisive break beneath this threshold would confirm a short-term downtrend and potentially trigger a deeper decline toward $142.32. 

Should buyers fail to regain control at that point, SOL could slide further to test the lower support at $133.94.

SOL Price Analysis
SOL Price Analysis. Source: TradingView

However, this bearish outlook could be invalidated if fresh demand emerges and buying interest strengthens. In that bullish scenario, SOL may overcome resistance at $153.67, opening the door for a rally toward $171.50.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Abiodun Oladokun
Abiodun Oladokun is a Technical and On-Chain Analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
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