Solana Fails to Hold Above $132 as Price Decline Continues

Solana's price has been on a downward trend, failing to hold above $132 and subsequently declining below key support levels. The cryptocurrency is currently consolidating near these levels as traders assess whether the decline will continue.

The SOL price dropped below the $130 and $128 support levels, mirroring broader weakness in Bitcoin and Ethereum. This move was accompanied by bearish momentum, with the price reaching a low of $121 before recovering slightly to test the 23.6% Fibonacci retracement level of the move from $134 to $121.

A key bearish trend line has formed on the hourly chart of the SOL/USD pair, with resistance at $131 and immediate resistance near $125. Major resistance is located at $128, which corresponds to the 50% Fibonacci retracement level.