Solana (SOL) has once again failed to reach the $300 mark. Seller dominance has kept the cryptocurrency’s price subdued, raising questions about its near-term outlook.
Bearish Indicators Signal Further Decline
The Balance of Power (BoP) indicator on the SOL/USD daily chart has slipped into the negative zone. This suggests that sellers have taken control, weakening Solana’s price momentum.
At press time, the BoP was recorded at -0.54. This negative reading indicates strong selling pressure, limiting SOL’s ability to rebound.
Additionally, the Chaikin Money Flow (CMF), which tracks liquidity flow, has also turned negative. A current CMF value of -0.05 highlights distribution, signaling further bearish trends.
SOL Price Prediction: Support Levels Tested
Since its all-time high on November 22, Solana’s price has been trading in a descending channel. Recently, SOL broke below the critical support level of $225.74.
If bearish momentum persists, the price could fall further to $203.63. However, if buyers regain control, SOL might rebound to $264.66 or, in a bullish scenario, surge toward $300.
Will Solana Rebound or Slide Further?
For now, technical indicators point to continued bearish control. However, a shift in buying pressure could alter this outlook. As Solana struggles to break $300, traders should watch key support and resistance levels for signs of a potential breakout or further decline.
