Solana pulled back after failing to sustain a move above $126, reversing into a short-term correction that has pushed SOL back under $125. The decline mirrors weakness seen across the market (including Bitcoin and Ethereum) and leaves Solana testing lower support near the $120 area. What’s happening technically - On the hourly chart (Kraken data), SOL dropped beneath the 50% Fibonacci retracement of the swing from the $117 low to the $127 high and is now trading below the 100-hour simple moving average. - A bearish trend line is forming that currently caps gains around $124, adding pressure to any recovery attempt. - Bulls remain active around $122, but the immediate picture is tilted toward the downside while SOL remains under $125. Key levels to watch - Immediate resistance: $125 (with the trend line ~ $124), then $128. - Major upside hurdles: $130 (critical for a bullish reversal), $135 and $142 if momentum returns. - Immediate support: $122, then the $120 zone (also the 76.4% Fib level). - A break below $120 could open the path to $112, and a decisive close under $112 could extend losses toward $105. Indicators and near-term outlook - Hourly MACD is accelerating deeper into bearish territory and the RSI sits below 50, signaling momentum favors sellers. - If SOL can reclaim and close above $130 it would likely reverse the short-term downtrend and set the stage for further gains. Conversely, failure to reclaim $125/$128 could lead to renewed downside testing of the $120 area and beyond. In short: Solana’s short-term momentum has turned bearish after a failed breakout above $126. Traders should watch the $120 support zone and the $125–$130 resistance band for clues on whether this correction stalls or becomes a deeper pullback. Read more AI-generated news on: undefined/news

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