Solana Price Tumbles Below Key Support Levels
Solana (SOL) has fallen below key support levels after failing to hold above $132, sparking concerns of further decline. The cryptocurrency's price dropped below $130 and $128 support levels, mirroring broader weakness in Bitcoin and Ethereum.
The bearish momentum gained pace below $126, reaching a low of $121 before recovering slightly to test the 23.6% Fibonacci retracement level of the move from $134 to $121. Solana is now trading below the 100-hourly simple moving average.
Technical indicators suggest that SOL may continue its downward trend, with immediate resistance standing near $125 and major resistance at $128, which corresponds to the 50% Fibonacci retracement level. A break below $120 could send the price toward $112, with further downside potential to $105 if that level fails to hold.