Solana Price Falls Below $130, Faces Further Decline Risk

Solana's price has declined below $130 and is consolidating losses. It may further drop below $120.

SOL dropped below key support levels of $130 and $128 against the US Dollar.
The price is trading under $128 and the 100-hourly simple moving average.
A bearish trend line with resistance at $131 is forming on the hourly SOL/USD chart.
Potential recovery could start if bulls defend $122 or $120 levels.

Current Price Dynamics

After failing to stay above $132, Solana followed a decline pattern similar to Bitcoin and Ethereum. The price saw a bearish momentum below $126, hitting a low at $121, and is now stabilizing.

Resistance levels are near $125 and $128, with higher resistance at $130 and a key trend line at $131. A close above $132 might lead to a steady increase, with further resistance at $140 and potentially $145.

Solana Price

Potential Downward Movement

If SOL can't rise above $128, it may continue to drop. Initial support could be at $122, with major support at $120. Falling below $120 might push the price toward $112, and a close below that could result in a drop to $105.

Technical Indicators:

MACD for SOL/USD is gaining in the bearish zone.
RSI for SOL/USD is below 50.
Major Support Levels: $122, $120
Major Resistance Levels: $128, $131