Solana Price Stalls at $118.67: Bulls Must Reclaim $123 or Risk a Drawdown

Solana's price has stalled at $118.67 after a 2.24% session drop, and the market is showing signs of indecision.

The 24-hour range between $118.14 and $124.95 indicates that the market can't hold above $120 but won't give sellers a clean entry on the way down.

This lack of direction is compounded by the broader market's cautious, range-bound mode, with Bitcoin's macro posture acting as the master switch for Layer-1 names like Solana.

The technicals also tell a story of caution, with every major moving average sitting comfortably below the current price and momentum flatlining at zero on the MACD value and signal line.