Solana Price Faces Resistance Below $135 Amid Bearish Trend

Solana (SOL) is experiencing a decline, failing to maintain stability above $140, and is now consolidating below $135.

SOL initiated a drop below $136 and $135 against the US Dollar.
Currently trading under $135 and below the 100-hour simple moving average.
A bearish trend line with resistance at $138 is noted on the hourly SOL/USD chart from Kraken.
Potential recovery could occur if bulls defend the $128 or $125 levels.

Price Movement

SOL fell below the $138 and $135 support levels, hitting a low of $124. It then recovered slightly, surpassing the 23.6% Fib retracement level from $143 to $124.

Immediate resistance is near $134, aligning with the 50% Fib retracement level. Major resistance levels are at $136 and $138, with $144 as a subsequent target if breached.

Solana Price Chart

Potential Decline

If SOL doesn't rise above $133, further decline is possible:

Initial support: $129
Major support: $125
Break below $125 may lead to $120, and possibly $112

Technical Indicators

Hourly MACD: Losing momentum in bearish zone
Hourly RSI: Above the 50 level

Key Support Levels: $129 and $125

Key Resistance Levels: $133 and $138