Solana Bears Intensify Pressure as $118 Support Holds Crucial Importance

Solana (SOL) is experiencing bearish pressure, threatening to drop below the crucial $125 support level. Key points include:

Sellers dominate the market, hindering recovery attempts.
A failure to hold support at $125 may trigger panic selling and deeper price declines.
The current price chart shows a bearish triangle formation, indicating a continuation of the downward trend.
SOL's attempt to break above the triangle was rejected, pushing it toward the $118 support level.
If SOL breaks below $118, the next support levels are $99 and $79.
Market sentiment remains weak, with potential lower targets at $58 if selling continues.

The $118 support level is critical for a potential bullish turnaround. Historically, it has been a demand zone, where buyers could step in. Analysts suggest that strong buying volume may lead to a rebound, while positive developments in Solana’s ecosystem could also boost investor confidence.