Solana Price Consolidates Below $126 Resistance After Recent Decline

Solana (SOL) is experiencing a decline below the $132 support zone, currently consolidating and facing resistance around $126.

SOL began recovering from the $122 support level against the US Dollar.
The price trades below $130 and the 100-hourly simple moving average.
A rising channel is forming with support at $124 on the hourly chart.
The price may increase if it breaks through the $126 resistance.

Market Analysis

SOL declined past the $135 and $132 levels, similar to trends seen in Bitcoin and Ethereum. A low was recorded at $122.64 before a consolidation phase commenced, resulting in a minor rise above $125.

The price has tested the 23.6% Fibonacci retracement level from the recent downward movement. Currently, SOL faces resistance near $126, with additional resistance at $128 and strong resistance at $132 or the 50% Fibonacci level.

A close above $132 could initiate further gains towards $136 and possibly $142.

Potential Decline Risks

If SOL does not surpass the $128 resistance, another decline may occur. Key supports are at $124 and $122. A breach below $122 could lead to a drop towards $115, with further risks extending to $102 if it closes below $115.

Technical indicators show the MACD for SOL/USD weakening in the bearish zone, while the RSI remains above 50.

Support Levels: $124, $122

Resistance Levels: $128, $132