Solana (SOL) has fallen below the $135 mark after failing to sustain its position above $142. Technical indicators suggest a building bearish momentum, and a significant trend line resistance has formed at $140. This resistance could potentially drive the token's price down towards $122, and if crucial support levels at $132 and $130 fail to hold, even as low as $115.
Key Support Levels Tested
The SOL token experienced a sharp decline, breaking below both the $140 and $138 levels. This downward movement mirrored broader weakness observed in major cryptocurrencies like Bitcoin and Ethereum. A temporary low was established at $130 before the price began to consolidate.
Currently, SOL is trading below the $135 level and has also fallen beneath its 100-hourly simple moving average. The hourly MACD (Moving Average Convergence Divergence) indicator is showing increasing momentum in bearish territory, and the RSI (Relative Strength Index) is positioned below the 50 mark.
Immediate resistance for SOL is identified at the $135 level. However, the primary barrier is situated at $140, where a bearish trend line has emerged on the hourly chart for the SOL/USD trading pair. A sustained close above this $140 level could potentially pave the way for a recovery towards $144 and possibly reach the $150 mark.
Potential for Further Decline
The $132 level serves as the first significant support zone. However, the $130 level is considered particularly critical. A decisive break below this $130 support could trigger a further price drop, with targets potentially extending to $122.
Should the weakness persist and the price fall below the $122 zone, the next key area to watch in the short term could be the $115 level.