$SOL Analysis: Bearish Momentum Dominates as Key Support Faces Breakdown Risk
Solana’s current price action on the 1D timeframe reflects sustained bearish pressure, with market structure continuing to favor sellers. Price is consolidating near a critical support zone at $121.66, a level that now acts as the immediate line separating stabilization from further downside expansion. The absence of strong bid-side reaction suggests demand remains fragile.
Firstly, the broader trend structure remains bearish. Failure to hold $121.66 would likely accelerate downside continuation toward the next major support at $106.51, a level aligned with previous demand inefficiencies. This scenario reflects a market still prioritizing risk reduction rather than accumulation.
Secondly, upside attempts remain capped by heavy resistance. Rejections near $135.33 have repeatedly confirmed this level as a dominant supply zone. If price revisits this area and fails again, downside targets around $129.00 and $125.72 become increasingly probable, reinforcing the bearish short-term bias.
Finally, any meaningful shift in sentiment requires a decisive reclaim above $135.33 with strong acceptance. Without this structural recovery, bullish reversal narratives remain premature, and sellers are likely to retain control.
This summary reflects a condensed market briefing. The full institutional-grade analysis is available within Market Ghost.
