🔸$SOL just made a sharp reversal when unable to hold above the $132 mark, sliding down to the $121 region. Currently, Solana is trading below the 100-hour MA and facing selling pressure following the general decline of $BTC and $ETH , making investor sentiment extremely pessimistic.
🔸Technical indicators are bleeding red as MACD dives deep into the bearish zone and RSI remains below 50. If the bulls cannot protect the critical support level of $120, a deeper drop to $112 or even down to $105 is entirely possible in the short term.
Is the $120 level strong enough for SOL to bounce back or will it continue to break down following the market sell-off?
This article is for reference only, it is not investment advice. Please read carefully and consider thoroughly before making any decisions.