- SOL has stabilized around $147, showing signs of consolidation despite a downturn.
- Bearish patterns in the Ichimoku Cloud signal continued bearish sentiment.
Solana [SOL] has solidified its position as this cycle’s top performer, both in terms of price and network growth.
Despite facing some volatility, SOL’s price has recently stabilized at around $147, which is still significantly lower than its top from last month.
Source: CoinGecko
While the price has been stagnant within a certain circle over the past few weeks, SOL’s trading volume has consistently peaked, meaning traders are still very active.
However, the Ichimoku Cloud on SOL’s trading chart shows a bearish pattern. The cloud is predominantly above the price action for most of the depicted period, suggesting a bearish trend where the market is struggling to find bullish momentum.
Source: TradingView
The Kijun-Sen (blue line) is above the price action, reinforcing the bearish sentiment. The price shows repeated attempts to rise above the cloud but generally remains below it or re-enters it shortly after brief breakouts, highlighting the resistance to upward movement.
Recent price action from June 12th onward shows lateral movement with slight fluctuations, staying close to the $147 mark. Solana appears to be in a phase of consolidation.
Source: TradingView
SOL exhibited some volatility from April to early May, with significant peaks and troughs. The price oscillated around the EMA144, suggesting some level of indecision in the market.
Post-May, there has been a clear downtrend as the price consistently stays below all three moving averages, emphasizing a strong bearish sentiment.
The consistent position below the MA200 (red line) further confirms the long-term bearish outlook. And the MACD is around the zero line, lacking strong momentum for both the bulls and the bears.
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Moreover, both social volume and social dominance have declined, meaning Solana is no longer dominating conversations in the crypto communities on social media.
Also, the Fear & Greed Index sits comfortably on ‘fear.’
Source: Santiment