Key Takeaways:

SOL remains under key moving averages, signaling continued selling pressure.

Momentum indicators suggest the potential for further downside in the short term.

Key support at $145 may be retested if the bearish trend persists.

Solana’s hourly chart shows caution for the bulls since it continues to trend downward. Currently, prices remain locked below the 5-, 10-, and 20-period moving averages, which are all sloping downwards. This configuration affirms the short-term bearish bias, as each retracement is met with selling at resistance levels.

After struggling to hold prices above $150, Solana dropped back down to trade around $147.81, indicating strong rejection near the $155 resistance zone.

The moving averages act as a dynamic resistance, where the shorter 5MA and 10MA have crossed below the 20MA, indicating a downward pressure.

Each minor rally attempt has lost momentum quickly, suggesting a lack of follow-through buying interest. The hourly volume also remains modest, lacking the surge needed to reverse this entrenched trend.

Solana’s RSI Signals Ongoing Weakness Below Key Level

The Relative Strength Index (RSI) remains under the halfway mark of 50 on the hourly frame, confirming that recent bounces off prices have not been strong enough. For most of the RSI’s duration on the chart, it remained in the lows, with only a short-lived bounce that liked to fall again.

The failure to enter bullish territory demonstrates weakness and fading confidence from buyers. Of particular interest is the earlier dip of the RSI around the 30 level when prices had tried to make a small rally that failed to hold.

Since then, the RSI has notched lower again in tandem with price rejection in the $150-$155 region. Too bearish momentum is outlined by the RSI since no solid break above 50 was registered.

MACD Turns Bearish Again As Bulls Lose Steam

Further confirming the bearish scenario is the MACD indicator, which recently completed its bearish crossover. In fact, the MACD line crossed below the signal line while histogram bars are turning red, indicating another wave of declining momentum.

Importantly, this crossover occurred just after a brief bullish attempt in which the MACD went positive for a short while before succumbing again.

With momentum shifting back to sellers and price unable to sustain levels above $150, Solana is at risk of revisiting the $145 support area. A dip below that level would then likely provide room for further declines.

Unless the MACD manages to regain higher ground and depict positive divergence, any recovery in the near term would be under cap. Solana keeps showing exhaustion signs, and until buyers take control of the moving averages, the bias remains bearish in the short term.

Related Reading | Bold Bet: Trump Media Files S-1 to Launch Truth Social Bitcoin ETF

---

Filed under: Bitcoin - @ June 7, 2025 4:00 pm