Solana Price Stabilizes at $120 Amid Broader Market Weakness

Solana's price has been under pressure in recent trading sessions, and it seems to have found some support at around $120. The cryptocurrency had failed to hold above $132, leading to a decline below the $130 and $128 support levels.

The drop mirrored broader weakness in Bitcoin and Ethereum, with SOL reaching a low of $121 before recovering slightly to test the 23.6% Fibonacci retracement level of its recent move from $134 to $121.

Now trading below the 100-hourly simple moving average, Solana faces immediate resistance near $125, with major resistance at $128 corresponding to the 50% Fibonacci retracement level.