Solana is under renewed pressure as SOL drops more than 3% in the past 24 hours, falling below the $130 level and underperforming the wider crypto market. The move comes amid technical breakdowns and a clear risk-off shift, with fear dominating digital assets.
Technical rejection accelerates downside SOL failed to hold the 50% Fibonacci retracement at $134.14, triggering fresh selling. Price is now trading below $128 and under the 100-hour SMA, reinforcing short-term weakness. A recent bounce from the $121 local low lacked follow-through, while $128–$131 remains heavy resistance, capped by a descending trendline.
Momentum indicators stay decisively bearish
Momentum continues to deteriorate. RSI (7) at 27.57 signals extreme oversold conditions, while the MACD histogram at −0.051 confirms ongoing bearish momentum. All major moving averages remain above spot price — EMA-10 ($130.12), EMA-50 ($146.22), EMA-200 ($169.48) — highlighting sustained selling pressure across timeframes and low confidence in a swift reversal.
Risk-off environment favors Bitcoin over alts The broader crypto market shed roughly $51B in the last 24 hours as investors reduce exposure to high-beta assets. The Crypto Fear & Greed Index sits at 22 (Extreme Fear), while Bitcoin dominance climbed to 59.25%, underscoring a defensive rotation. Institutional flows reflect this shift: Bitcoin ETFs saw $457M in inflows, while Ethereum ETFs recorded $22M in outflows, dragging altcoins like SOL lower.
Key SOL levels to watch Immediate focus is on $122–$120 support. A sustained break could open the door to deeper downside toward $112 or even $105. On the upside, bulls need to reclaim $130 and stabilize above near-term resistance to ease pressure. Until sentiment improves, SOL’s trajectory remains closely tied to Bitcoin’s direction and overall risk appetite.
