Solana in consolidation — Will it break $260 or drop to $212?

AMB Crypto 9 months ago 248

Solana’s price was consolidating at $237.80 while maintaining a bullish market structure.
The ecosystem showed robust health, with Solana ranking third in weekly NFT ($0.00) sales volume.

The Solana[SOL ($136.67)] ecosystem has entered a critical consolidation phase, with the asset currently trading at $237.80, marking a slight decline of 0.22% in the last 24 hours.

While the recent price action suggests a period of indecision, several technical indicators point to interesting developments beneath the surface.

Solana technical indicators paint a complex picture

Solana’s Moving Averages(MA) showed an intriguing pattern, with the MA Cross (50, 200) currently positioned at 212.84 and 181.42, respectively.

This sustained positioning of the 50-day MA above the 200-day MA maintains the golden cross formation, traditionally a bullish signal.

However, the declining slope of both moving averages suggests mounting selling pressure in the near term.

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