Solana (SOL) price reached an all-time high of $264 on November 22 but has since entered a correction, dropping nearly 10% in the past 24 hours. Indicators like BBTrend and DMI show increasing bearish momentum.

The EMA lines, while still showing a bullish structure, hint at a potential death cross, which could intensify the correction if it forms. As SOL approaches key support levels, its ability to recover bullish momentum will determine whether it revisits resistance at $248 or faces further declines toward $194.

SOL BBTrend Is Negative for the First Time in 8 Days

Solana BBTrend has turned negative for the first time since November 18, currently sitting at -0.54. The BBTrend, or Bollinger Bands Trend, measures the momentum and direction of price movement relative to the Bollinger Bands, with positive values indicating upward trends and negative values suggesting downward trends.

This shift to negative territory signals increasing bearish momentum, marking a stark contrast from its recent peak of 10.8 on November 20, just before SOL reached a new all-time high.

Although -0.54 might not seem significant, it reflects a clear change in market sentiment, with SOL now down nearly 10% in the last 24 hours.

If the BBTrend continues to decline, it could amplify the bearish pressure, pushing SOL into a deeper downtrend. This would likely lead to further price corrections as sellers dominate and the market loses confidence in its short-term recovery potential.

Solana Downtrend Is Getting Stronger

SOL DMI chart shows its ADX rising to 27.24 from 21 yesterday, signaling a strengthening trend momentum. The ADX, or Average Directional Index, measures the strength of a trend, with values above 25 indicating a significant trend, whether bullish or bearish.

In Solana’s case, the rising ADX reflects increasing momentum in its current downtrend, suggesting that selling pressure is intensifying.

The DMI indicators further reinforce this bearish sentiment, with D+ at 12.7 and D- at 36.6. This large gap shows that bearish forces (D-) significantly outweigh bullish ones (D+).

An ADX above 25 and growing in a downtrend indicates that the negative momentum is solidifying. If this trend continues, Solana price could see further declines as the market tilts heavily in favor of sellers.

SOL Price Prediction: No New All-Time Highs For Now?

SOL EMA lines present a pivotal scenario, with the short-term lines still positioned above the long-term ones, indicating a lingering bullish setup.

However, the shortest-term EMA lines are trending downward and nearing a potential crossover with longer-term lines, signaling the possible formation of a death cross. This pattern often indicates a shift from bullish to bearish momentum, raising caution among traders.

If a death cross forms, SOL’s correction could intensify, leading the price to test its nearest support at $204. Should this level fail to hold, SOL price could decline further, targeting $194.

On the other hand, if Solana regains bullish momentum and reverses the trend, it could challenge resistance at $248. Breaking above this level could propel SOL price to surpass $264, achieving a new all-time high and reinforcing bullish sentiment in the market.

Centralized exchange Kraken will discontinue its NFT marketplace to allocate resources to upcoming projects. Users can no longer list, bid, or sell items after November 27, 2024.

However, withdrawals will remain available until the marketplace closes entirely on February 27, 2025.

Kraken’s NFT Platform Fails to Deliver on Expected Growth

Kraken notified users of this decision earlier today through an emailed statement. Launched in November 2022, Kraken’s NFT platform faced challenges as the market for digital collectibles weakened. The landscape had become extremely oversaturated in the past few years. 

Throughout 2024, 98% of NFT collections experienced little or no trading activity. Only 0.2% of new NFT drops generated profits, while most lost over 50% of their value within days.

On average, NFT holders are enduring a 44.5% loss since 2023. The average lifespan of an NFT is now 1.14 years—significantly shorter than the 2.85-year lifespan of typical crypto projects. Last year, nearly one-third of NFT initiatives failed, the highest rate recorded for the sector.

So, Kraken’s decision does not come as a surprise. It’s evident why the exchange has decided to reallocate its resources to other key developments. 

The US-based crypto exchange recently announced plans to optimize its policy and list 19 new tokens. This also includes the Donald Trump-inspired ‘TRUMP’ token, along with other popular meme coins. 

Amid the downturn, there are signs of recovery. Telegram reported a 400% surge in NFT activity during Q3 2024, driven by the integration of NFTs into gaming platforms like Hamster Kombat. By September, daily wallet transfers surpassed one million.

Additionally, an address linked to Vitalik Buterin, the co-founder of Ethereum, recently minted 400 Patron NFTs on Base. This sparked fresh discussions about the potential revival of NFTs as the sector looks for new use cases.

Fairshake, a US Super PAC supporting the crypto industry, has already accumulated $103 million to spend on the 2026 midterms. In the 2024 election, Fairshake heavily invested in pro-crypto candidates from both parties.

Ripple CEO Brad Garlinghouse contributed $25 million to a growing pro-crypto war chest, and other companies have made similar donations to the PAC.

Fairshake’s Crypto Support in US Elections

Fairshake invested nearly $200 million in the 2024 election, backing candidates from both sides who supported friendlier industry regulation. Its efforts yielded several victories, including Bernie Moreno’s prominent victory over anti-crypto candidate Sherrod Brown.

With the latest investment from Ripple CEO Brad Garlinghouse, it seems that Fairshake is well-placed to influence pro-crypto narratives in the midterms as well. Ripple was also one of Fairshake’s principal investors in the 2024 election.

However, Ripple is not the only firm planning for the 2026 midterms. As reported by BeInCrypto earlier this month, venture capital firm a16z also invested $23 million in the PAC for the midterms.

“Fairshake just informed me that Ripple’s donation, combined with those from Coinbase and a16z and the funds it has leftover from this election, means it has now amassed $103 million for the 2026 midterms,” FOX Business Journalist Eleanor Terrett wrote on X (formerly Twitter).

In other words, these political investments proved so beneficial for the industry that it’s already preparing to make a bigger impact. Fairshake spent $200 million to help elect various crypto allies less than a month ago. Yet, the Super PAC’s 2026 war chest for the midterms could potentially be bigger.

Overall, these investments are not surprising given the significant impact of the recent election. For one thing, President-elect Donald Trump already promised to enact a broad series of benefits for the crypto industry.

These political donations, however, can yield added access and benefits. It can influence the regulators to consult with the donors for any regulatory decisions. For instance, Coinbase was another leading Fairshake donor, and Trump consulted its CEO for personnel appointments.

It’s safe to say that Fairshake is planning to conclusively influence the pro-crypto agenda in US politics. It donated heavily to candidates from both political parties, purely on this one issue. By the 2026 midterms, the PAC could greatly contribute to a growing bipartisan consensus regarding this industry.