After witnessing the price of Solana drop below $126, it entered a correction phase, with the current price falling below $125, which may attract bids around $120.
Current price action:
Below the level of $125, the price of SOL started to decline against the US dollar.
The price is currently trading above the level of $125, and the simple moving average for 100 hours.
The SOL/USD pair data on the hourly timeframe shows a downward trend line with resistance at 124 dollars.
Future movement expectations:
If the price drops below 120 dollars, losses may continue further.
Similar to Bitcoin and Ethereum, the price of Solana has dropped below 130 dollars, as prices fell below 126 and 125 dollars, and began entering a short-term bearish zone.
Despite this decline, buyers show strength around the 122 dollars level, where this support is expected to remain strong.
Support and resistance levels:
The price is currently below 125 dollars and the simple moving average of 100 hours, which represents a barrier to the upside.
The next resistance level is around 128 dollars, with 130 dollars as a key resistance level.
If the price closes above 130 dollars, a gradual rise to 135 dollars may begin, potentially extending towards 142 dollars.
Downward probabilities:
If the price of Solana fails to break the 125 dollars level, it may return to decline.
The 122 dollars level is considered the first downward support level, followed by strong support at 120 dollars, which coincides with the 76.4% Fibonacci retracement of the upward wave from 117 dollars to 127 dollars.
If 120 dollars is breached, the decline may extend to 112 dollars, and if the price closes below this level, it may drop below 105 dollars.
Key support levels:
122 dollars
120 dollars
Key resistance levels:
125 dollars
128 dollars
