Solana price struggles below $135, risks further decline to $130

Solana Price Update

The price of Solana (SOL) is currently below $135 and its 100-hourly simple moving average.
A bearish trend line has formed, with resistance at $140 on the SOL/USD hourly chart.
SOL's price could recover if bulls defend the $132 or $130 support levels.

After failing to sustain above $142, Solana declined below key support levels of $140 and $138. It reached a low of $130 and is consolidating losses, trading below $135. Immediate resistance is at $135, with significant resistance at $136 (50% Fib retracement level from $143 to $130). The main resistance level is at $140.

Solana Price Chart

If SOL fails to overcome the $136 resistance, it may continue down. Key supports are at $132 and $130. A drop below $130 could lead to testing the $122 level, with further decline potentially reaching $115.

Technical Indicators:

Hourly MACD: Bearish momentum.
Hourly RSI: Below 50.
Major Support Levels: $132, $130.
Major Resistance Levels: $136, $140.