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Solana Price Enters Consolidation Trend Above $130 That Could End In A Breakout

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Solana is showing signs of pre-breakout behavior as it consolidates below an important price threshold. According to a new technical analysis shared by RLinda on the TradingView platform, the $136 level is currently a decisive resistance point, and Solana’s current trading behavior suggests that a move above this level could ignite a fresh bullish push even as the global market situation is bearish. Solana Finds Stability After False Breakdown The current structure of Solana’s price chart reflects a notable recovery after what the analyst described as a false breakdown below the range support zone. This false breakdown refers to the price crash between the last week of March and the first week of April, during which the Solana price briefly broke below $100. Notably, this break below $100 came as an extension of a decline run after a break below a key support range between $115 and $108. Related Reading After briefly dipping below key support, Solana quickly rebounded, and the market responded with renewed buying pressure that sent its price back above $130. However, this push is starting to slow down, with resistance at $136 and a consolidation phase between $130 and $136. This consolidation range is proving to be an important zone for Solana’s bullish potential going forward, according to RLinda. This behavior is further reinforced by liquidity dynamics. The analyst highlights a liquidity imbalance created by the recent false breakdown, which could favor upward price movement as Solana bulls seek to reclaim the upper zones above $136. Source: RLinda on Tradingview A sustained move above $136 could serve as the initial trigger for a breakout, potentially shifting short-term market sentiment in Solana’s favor. If this scenario unfolds, the move would provide technical confirmation of growing strength among buyers. This bullish potential is notable, even as RLinda noted that the global market situation is bearish. Breakout Above $136 Could Unlock Higher Price Targets For Solana Speaking of the bearish global market situation, RLinda’s analysis categorizes the local Solana setup as neutral, indicating that the price is in a range rather than exhibiting a definitive trend. Crypto market dynamics also lend weight to the bullish outlook for Solana. Bitcoin, the dominant force in the crypto market, is itself undergoing consolidation and has been highly correlated with Solana’s movements in recent weeks. Should Solana manage to close and consolidate above $136, the chart opens up to a sequence of local targets, with the $140, $147, and $152 levels becoming the following areas of interest. Related Reading At the time of writing, Solana is trading at $ 134.80, up 0.5% in the past 24 hours and 15.6% in the past seven days. Even if the outlook is bullish, minor corrections may still occur as this process unfolds. In such a scenario, the Fibonacci 0.5 retracement, located around $125.28, will provide a cushion for price corrections. As such, any short-term dip from the current price level may be met with strong support and accumulation at the Fib retracement. Other support levels are at $129, $123, and $111. SOL trading at $134 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com

Solana’s $110 Test: Bullish Reversal Or Whale-Driven Fade?

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Solana has been able to remain above the key $110 price level even as big investors offload millions worth of tokens. The cryptocurrency is now trading at $114, registering a daily increase of 7.6% in the midst of a broad-based fear in the altcoin market. Related Reading Big Investors Abandon Ship As Market Wobbles A number of key Solana holders have lost faith in the token’s near-term prospects. Blockchain analytics indicate that a whale (“4W1Ree”) unstaked 159,028 SOL tokens worth $16.5 million. The investor has already sold 60,000 of them for $6.13 million at an average price of $102. Whales are dumping $SOL! 4W1Ree unstaked 159,028 $SOL($16.5M) and sold 60,000 $SOL($6.13M) at $102 4 hours ago. 5cPair sold 89,734 $SOL($9.67M) at $108 14 hours ago.https://t.co/i2sVNng50nhttps://t.co/hJwIowTBPl pic.twitter.com/XLhXsLxHft — Lookonchain (@lookonchain) April 9, 2025 Yet another significant holder named “5cPair” offloaded close to 90,000 SOL tokens amounting to around $9.7 million, receiving an average of $108 per token. OnChainLens blockchain data also revealed that three interrelated wallets unstaked 168,498 SOL worth $17.86 million after being on the books for two months, taking an $11.38 million hit on their investment. Platform Activity Adds To Selling Pressure The offloading is not just limited to individual traders. According to recent transactions, Pump.Fun platform transferred 84,350 SOL tokens (valued at $9.3 million) to Kraken exchange. Since January 2025, the platform has already offloaded a whopping 1.72 million SOL tokens worth $310 million to exchanges. Pump.Fun currently has 3.24 million SOL tokens remaining, worth around $360 million at today’s prices. SOL market cap currently at $58.8 billion. Chart: TradingView.com Technical Patterns Indicate Signs Of Reversal Even though there has been intense selling, some analysts are optimistic regarding Solana’s price trend. The cryptocurrency adheres to a growing falling-channel pattern on day charts. The recent decline reached a low of $95.16 on April 7, but buyers swiftly intervened to restore the price above $100. Today’s Relative Strength Index (RSI) also is now on the cusp of oversold levels, indicating a possible bounce. Some analysts are saying Solana just bounced off of a multi-year support trendline that set off a 1,000% bounce when tested in Q3 2023. Related Reading Analysts Set Key Price Targets For Coming Weeks Market observers have pointed to key price levels that will decide Solana’s next direction. The TD sequential indicator has flashed a buy signal on SOL’s weekly chart, says analyst Ali Martinez. Solana needs to hold above $95 and break above $120 to initiate a significant recovery, Martinez believes. Source: Polymarket If these levels are held, Solana may look to $147 in the near future. If the $95 support fails, though, prices may plummet towards $69.94, the analyst said. The cryptocurrency is now trading between the center pivot level of $114 and the S1 pivot level of $94.29. Prediction site Polymarket indicates mixed sentiment, with 20% of participants believing SOL will fall to $80 in April, and 21% that it will reach $150. Featured image from Marca, chart from TradingView

Solana (SOL) Jumps But Smacks Into $120 Resistance Wall—Can It Break Through?

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Red Alert For Solana: 21% Price Drop Raises Fears Of Further Collapse

Solana has taken a sharp nosedive, losing nearly 22% of its value and trading around $98.09. This steep drop has sent shockwaves through the crypto community, sparking fears of an imminent larger breakdown. SOL is now flashing red across the board, with sellers firmly in control and bulls scrambling to defend critical levels. The decline highlights increasing bearish sentiment, likely fueled by technical breakdowns, weak market confidence, and rising concerns over broader economic trends. With the $100 psychological barrier now broken, all eyes are on the next key support zones. Is A Deeper Correction On The Horizon? In his recent post on X, King_Ab highlighted that Solana is currently trading around $98.09, marking a sharp 21.84% drop from its previous close. He further noted that the day’s trading session has been highly volatile, with SOL reaching a high of $120.07 and dipping as low as $98.06, underscoring the intense pressure in the market. According to King_Ab, this substantial drop in Solana reflects the broader downturn witnessed across the cryptocurrency market over the past week. The decline isn’t isolated but rather part of a wider trend of risk-off sentiment as investors react to global macroeconomic uncertainty and shifting market dynamics. He pointed out that Solana’s market capitalization currently stands at approximately $51.15 billion, while its 24-hour trading volume hovers around $5.17 billion, indicating sustained trading activity despite the sharp correction. This combination of declining price and high volume could suggest either panic-driven sell-offs or aggressive repositioning by market participants Critical Support Breached: Can Solana Hold The Line Below $100? Solana’s drop below the key $100 mark signals a potential shift in momentum from bullish to bearish. This level has previously acted as a solid support zone, providing a bounce point during corrections. However, with the recent 21% decline, that line has been breached, and market sentiment is growing increasingly cautious. For SOL to regain its bullish momentum, it needs to swiftly reclaim and sustain levels above $100 to avoid further downside pressure. If this key level remains unheld, Solana might drop to the next support zone around $79.25. A break below this level could accelerate bearish sentiments, opening the door for an extended decline toward the $58.25 support area, where the bears may gain additional control. At this critical juncture, it’s essential to closely watch the price action for signs of stabilization or the risk of continued capitulation. As the bearish volume rises, Solana’s ability to reclaim the broken support level will likely dictate its short-term trajectory. Whether the price can recover above key levels will be a decisive factor in determining if the downtrend will persist or if a reversal is on the horizon.

Solana (SOL) Freefall—Can It Hold Above The $100 Danger Zone?

Solana started a fresh decline below the $112 support zone. SOL price is now consolidating and might struggle to stay above the $100 support zone. SOL price started a fresh decline below $112 support zone against the US Dollar. The price is now trading below $105 and the 100-hourly simple moving average. There was a break below a key contracting triangle with support at $118 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could accelerate lower if there is a break below the $100 support zone. Solana Price Dips Over 15% Solana price started a fresh decline below the $122 and $115 levels, like Bitcoin and Ethereum. SOL even declined below the $112 support level to enter a bearish zone. There was a break below a key contracting triangle with support at $118 on the hourly chart of the SOL/USD pair. The price declined over 15% and traded close to the $102 level. A low was formed at $102 and the price recently started a consolidation phase. The current price action is still very bearish below 23.6% Fib retracement level of the downward move from the $121 swing high to the $102 low. Solana is now trading below $105 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $105 level. The next major resistance is near the $112 level or the 50% Fib retracement level of the downward move from the $121 swing high to the $102 low. The main resistance could be $116. A successful close above the $116 resistance zone could set the pace for another steady increase. The next key resistance is $120. Any more gains might send the price toward the $125 level. Another Decline in SOL? If SOL fails to rise above the $105 resistance, it could start another decline. Initial support on the downside is near the $102 zone. The first major support is near the $100 level. A break below the $100 level might send the price toward the $92 zone. If there is a close below the $92 support, the price could decline toward the $84 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $102 and $100. Major Resistance Levels – $105 and $112.

Solana Bearish Continuation: $118 Support, The Last Barricade Against Deeper Correction

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Solana’s price action is flashing warning signs as bearish pressure intensifies, threatening to push the asset below the critical $125 support level. Despite previous recovery attempts, sellers remain dominant, preventing any meaningful upside momentum. If SOL fails to hold this key support, it could trigger a wave of panic selling, accelerating losses and exposing the price to deeper declines. With market sentiment hanging in the balance, all eyes are on whether bulls can stage a defense or if bears will finally break through, setting the stage for further downside. Solana Ongoing Bearish Trend In Focus The Solana price chart is currently displaying a bearish triangle formation, signaling a continuation of the downward trend. Initially, SOL attempted to break out above the upper boundary of the triangle, but the breakout lacked strong bullish momentum, leading to a swift rejection. This failure to sustain an upward move pushed the asset back toward the lower boundary of the triangle, where the $118 support level now comes into focus. Related Reading With continued selling pressure, Solana could face an extended bearish move, breaking below its current key support level and accelerating its decline. A confirmed breakdown beneath the bearish triangle would lead to a drop toward $118, the first major support zone. However, if the bearish momentum intensifies, this level may not hold. Solana forming a trinagle pattern | Source: SOLUSDT on Tradingview.com Below $118, the next significant support lies at $99, where some buyers could attempt to slow the decline. Should this level fail to provide stability, SOL could slide toward $79, a crucial psychological and technical support zone. Continued weakness in market sentiment may push the price even lower, with $58 coming into play. For now, bulls must step in to defend these levels, or Solana risks an extended bearish phase. Can $118 Spark Up Bullish Again The $118 support level has emerged as a critical zone for SOL, with many traders watching closely to see if it can trigger a bullish turnaround. Historically, this level has acted as a strong demand zone, where buyers stepped in to absorb selling pressure and push prices higher. If similar market behavior plays out, SOL could see a rebound from this point. Related Reading According to CURB, in an X post on March 15, he forecasted that Solana’s price eyes decline to the $118 support level before experiencing a potential rebound. He believes that strong demand in this zone could trigger a significant price surge to the $1,000 mark in the long run. Fundamental factors, such as positive news on Solana’s ecosystem, increased network adoption, or improved overall market sentiment, could also act as catalysts for a price recovery. A surge in buying volume, particularly from whales and institutional investors, is likely to provide the momentum needed to shift market sentiment. SOL trading at $125 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com

Solana (SOL) Holds Steady After Decline—Breakout or More Downside?

Solana started a fresh decline below the $132 support zone. SOL price is now consolidating and might struggle to recover above the $126 resistance. SOL price started a recovery wave from the $122 support zone against the US Dollar. The price is now trading below $130 and the 100-hourly simple moving average. There is a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $126 zone. Solana Price Faces Resistance Solana price started a fresh decline below the $135 and $132 levels, like Bitcoin and Ethereum. SOL even declined below the $125 support level before the bulls appeared. A low was formed at $122.64 and the price recently started a consolidation phase. There was a minor increase above the $125 level. The price tested the 23.6% Fib retracement level of the downward move from the $140 swing high to the $122 low. Solana is now trading below $126 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $126 level. The next major resistance is near the $128 level. The main resistance could be $132 or the 50% Fib retracement level of the downward move from the $140 swing high to the $122 low. A successful close above the $132 resistance zone could set the pace for another steady increase. The next key resistance is $136. Any more gains might send the price toward the $142 level. Another Decline in SOL? If SOL fails to rise above the $128 resistance, it could start another decline. Initial support on the downside is near the $124 zone. The first major support is near the $122 level. A break below the $122 level might send the price toward the $115 zone. If there is a close below the $115 support, the price could decline toward the $102 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $124 and $122. Major Resistance Levels – $128 and $132.

Solana (SOL) Gains Capped—Breaking $150 Won’t Be Easy

Solana started a recovery wave above the $132 resistance zone. SOL price is now consolidating and might struggle to recover above the $150 resistance. SOL price started a recovery wave from the $125 support zone against the US Dollar. The price is now trading above $130 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $134 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $142 zone. Solana Price Faces Resistance Solana price started a recovery wave from the $125 zone, like Bitcoin and Ethereum. SOL was able to climb above the $132 and $140 resistance levels. The price even cleared the $142 level, but it faced resistance near $145. A high was formed at $145 and the price started a downside correction. There was a move below the $142 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $125 swing low to the $145 high. Solana is now trading above $130 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $134 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $140 level. The next major resistance is near the $142 level. The main resistance could be $145. A successful close above the $145 resistance zone could set the pace for another steady increase. The next key resistance is $150. Any more gains might send the price toward the $162 level. Another Decline in SOL? If SOL fails to rise above the $142 resistance, it could start another decline. Initial support on the downside is near the $135 zone and the 50% Fib retracement level of the upward move from the $125 swing low to the $145 high. The first major support is near the $133 level. A break below the $133 level might send the price toward the $125 zone. If there is a close below the $125 support, the price could decline toward the $114 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $135 and $133. Major Resistance Levels – $142 and $145.

Solana Price To Drop To Double Digits? Major Levels To Watch For Entries

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Crypto analyst SiDec has raised the possibility of the Solana price dropping to double digits. The analyst revealed major levels to watch for entries as market participants brace up for this massive crash. Major Levels To Watch As Solana Price Risks Drop To Double Digits In a TradingView post, SiDec highlighted the range between $136 and $143 as the major resistance zone for the Solana price. Meanwhile, he stated that between $102 and $98 is the next major support zone, indicating that SOL risks dropping to double digits soon if it fails to hold this support zone. Related Reading The analyst noted that the Solana price has been in a slow uptrend over the past five days, after hitting the low at $112. He added that the current price action looks like an ABC corrective pattern, which could mean that SOL is setting up for lower prices. While alluding to the key levels to watch for entries, he SiDec noted that placing orders at key levels helps increase the chances of catching the right move without overcommitting too early. SOL at risk of falling to a double digit value | Source: SiDec on Tradingview He then discussed the resistance zone between $136 and $143. The crypto analyst remarked that the Solana price will likely struggle in that range, as the area contains multiple technical confluences suggesting a potential reversal or strong reaction. As such, SiDec stated that this range is a prime area to consider for short positions, especially if the price starts showing weakness. On the other hand, SiDec revealed that a major demand zone is forming between $102.1 and $98.50 on the downside for the Solana price. He stated that this zone has multiple technical confluences, making it a high-probability long entry area. The analyst added that this zone presents a solid long opportunity for gradual scaling into positions as price moves deeper into support. Market Outlook For SOL SiDec remarked that there is a short bias until the Solana price reclaims $143.80, with this level a strong resistance zone for potential short trades. For market participants looking to enter a short position, the analyst remarked that laddering into the resistance zone ensures better risk management and higher entry efficiency. Related Reading Meanwhile, for a long setup, the analyst stated that starting small at $112 and increasing position size down to $98.50 ensures strong positioning in a high-confluence demand zone. He added that scaling into trades rather than committing at a single price increases flexibility, improves trade execution, and helps market participants adapt better to price movements. Further discussing the Solana price action, SiDec noted that the $100 target coincides with the 200 Exponential Moving Average (EMA) on the weekly timeframe, adding confluence to this strong support. The analyst also mentioned that if the Solana price decisively breaks above $144, it would invalidate the short thesis and suggest a potential move higher toward $150. Meanwhile, a strong rejection from the resistance zone would likely accelerate the move toward $112 to test demand at swing low. At the time of writing, the Solana price is trading at around $128, down over 4% in the last 24 hours, according to data from CoinMarketCap. SOL trading at $129 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com

Solana Price Crash To $90? Why A 26% Decline Could Rock This Crypto

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. The Solana price is seemingly on the verge of another major crash, as an analyst forecasts a correction to $90. Given the cryptocurrency’s recent slow momentum due to the ongoing market letdown, an additional 26% decline to new lows could significantly impact the future outlook of Solana. Analyst Forecast Massive SOL Price Crash CoinMarketCap’s data shows that the Solana price has given up most of its yearly gains following its massive 50% price crash earlier last month. Despite this bearish performance, TradingView crypto analyst MadWhale highlights that the pain isn’t over yet, projecting an even deeper price decline for the popular altcoin. Related Reading: Solana Price On The Verge Of 2022-Like Crash To Send It Back To $22? The analyst believes that a 26% drop to $90 may be on the horizon if Solana fails to find proper support. Sharing a detailed price that supports his bearish prediction, MadWhale suggested that the Solana price is currently in a Descending Channel, indicating a sustained downtrend. The chart shows that the altcoin’s price movement is making lower highs and lower lows, confirming its already bearish structure. Moreover, Solana is presently struggling to break above the key resistance area indicated by a straight red line above the $130 threshold. Massive price crash incoming for SOL | Source: MadWhale on Tradingview The curved red arrow in the chart highlights the trajectory to which Solana is expected to move if it fails to surpass resistance levels. The $90 level is also marked as the main monthly support for the altcoin, where a potential bounce back or accumulation is set to arise. If Solana can retest this support level, MadWhale believes it could recover enough to sustain a lengthy upward trend. While Solana’s overall price position and market trend are in the red, the TradingView analyst acknowledges that temporary bullish movements could happen. However, these minor fluctuations would be short-lived, as they are part of the broader downtrend. Notably, MadWhale has marked the $100 mark as a psychological resistance level for the Solana price, where a decline toward this threshold could influence its market sentiment. Solana Market Sentiment Switches To Fear Solana’s market sentiment recently hit 1-year lows, but on-chain data shows an even more volatile trend. The altcoin’s Fear and Greed index at 34 indicates that it may be approaching extreme fear zones. This suggests a potential period of panic-driven sell-offs by investors. Related Reading CoinCodex’s data also highlights that Solana’s overall market trend is significantly bearish. Over the last 30 days, Solana has recorded more red days than green, signaling a prolonged downtrend. As a result of its bearish price action, CoinCodex indicates that now may be a bad time to buy the altcoin. Commenting on Solana’s current market sentiment, crypto analyst Market Prophit notes that the crowd remains bearish on the cryptocurrency. However, smart money stays bullish, fueling hopes of a possible price reversal in the altcoin. SOL trading at $127 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com

Solana (SOL) Faces Many Challenges—Can Bulls Hold the Line?

Solana started a recovery wave above the $120 resistance zone. SOL price is now consolidating and might struggle to recover above the $132 resistance. SOL price started a fresh decline below the $150 and $140 levels against the US Dollar. The price is now trading below $130 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $124 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls clear the $132 zone. Solana Price Faces Resistance Solana price struggled to clear the $155 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $140 and $132 support levels. It even dived below the $120 level. The recent low was formed at $114 before the price recovered some losses. It climbed above the $120 and $122 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $151 swing high to the $114 swing low. Solana is now trading below $130 and the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $124 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $128 level. The next major resistance is near the $130 level. The main resistance could be $132 and the 50% Fib retracement level of the downward move from the $151 swing high to the $114 swing low. A successful close above the $132 resistance zone could set the pace for another steady increase. The next key resistance is $140. Any more gains might send the price toward the $150 level. Another Decline in SOL? If SOL fails to rise above the $132 resistance, it could start another decline. Initial support on the downside is near the $124 zone. The first major support is near the $120 level. A break below the $120 level might send the price toward the $114 zone. If there is a close below the $114 support, the price could decline toward the $100 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is near the 50 level. Major Support Levels – $124 and $120. Major Resistance Levels – $128 and $132.

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