'Death Cross' of Solana is Emerging as SOL Struggles at the Price Level of $150

Since April 23, the price of Solana has fluctuated within a tight trading range, encountering a resistance level near $153.67 and finding a support level around $145.68. The increasing wave of downward pressure threatens to break this trading range to the downside, as an important technical indicator is on the verge of confirming a major sell signal. Solana faces bankruptcy risks as sellers tighten control. The Moving Average Convergence Divergence (MACD) indicator ( for SOL is preparing to form a death cross, a bearish crossover when the MACD line falls below the signal line.

At the time of writing this article, the green MACD line ) of the coin is near the orange signal line (, awaiting a catalyst to push it down. This pattern often precedes a prolonged downtrend and is widely regarded by traders as a sign of weakening price strength. Moreover, the )BoP( strength balance of SOL is currently negative, reinforcing the downward trend. This indicates that sellers have gained control of the market. At the time of the press report, this figure was -0.12.

The BoP indicator measures the strength of buying pressure compared to selling pressure by comparing the closing price with the trading range over a certain period of time. When the BoP of an asset is positive, it signals that buyers are in control, indicating strong upward momentum and the potential for continued price increases. On the other hand, like SOL, the negative BoP value indicates that sellers are dominating the market. It shows increasing downward pressure on SOL and suggests the possibility of entering a new declining phase. SOL faces a crucial support test amid increasing selling pressure. As the downward momentum increases, SOL risks breaking below the support level of $145.68. A decisive break below this threshold will confirm the short-term bearish trend and could trigger a deeper drop to the level of $142.32. If buyers do not regain control at that time, SOL could slide further to test the support level at $133.94.

However, this bearish outlook could be invalidated if new demand emerges and buying interest spikes. In that bullish scenario, SOL could surpass the resistance level at 153.67 dollars, opening the door for a price increase towards 171.50 dollars.