$SOL slipped below $130 after failing to maintain levels above $132, as technical indicators hint at possible further declines. The cryptocurrency is consolidating around key support zones while traders evaluate whether the downtrend will continue.
What Happened: Price Movement
SOL fell below $130 and $128 support levels following an unsuccessful attempt to stay above $132. This drop reflects the broader weakness seen in $BTC and $ETH .
The price picked up bearish momentum below $126, hitting a low of $121 before slightly rebounding to test the 23.6% Fibonacci retracement of the move from $134 to $121. Solana is now trading beneath its 100-hour simple moving average.
A notable bearish trend line is forming with resistance at $131 on the hourly SOL/USD chart. Immediate resistance sits near $125, while key resistance is at $128, corresponding to the 50% Fibonacci retracement level.
Why It Matters: Technical Signals
The main resistance level is $130, and a close above $132 could set the stage for a rally toward $140 or $145. Initial support is near $122, with the first major support at $120. A breach below $120 could push SOL down to $112, with further downside risk toward $105 if that level fails to hold.
The MACD for SOL/USD remains in bearish territory, and the Relative Strength Index (RSI) is still below 50, indicating ongoing weakness.
