Solana Price Dips Below $130 as Market Indicators Signal Further Decline

Solana's price has been testing $120 support levels as market indicators suggest further decline. The cryptocurrency failed to hold above $132, causing it to drop below $130 and $128 support levels. This mirrors broader weakness in Bitcoin and Ethereum.

The price of SOL reached 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 with resistance at $131 on the hourly chart of the SOL/USD pair.

Immediate resistance stands near $125, with major resistance at $128, which corresponds to the 50% Fibonacci retracement level. The MACD for SOL/USD is gaining pace in the bearish zone, while the Relative Strength Index remains below 50.