Solana (SOL) declined to test the $128 support zone and is now consolidating losses, aiming for a potential rebound above the $132 resistance level. The SOL/USD pair is trading below $135, with a bearish trend line forming resistance at $132. Clearing this resistance could bolster bullish momentum.
Initially, SOL declined from the $140 resistance zone, similar to Bitcoin and Ethereum, dropping below $135 and $132. After testing $128, the price formed a low at $128.85 and began consolidating. Minor upward movement saw testing of the 23.6% Fib retracement level from $139.83 to $128.85.
Solana is now trading below $132 and the 100-hourly simple moving average. Resistance levels lie at $132 and $135. Successfully surpassing these could lead to steady gains, with key resistance at $140 and potential to reach $150. Failure to break $132 might result in another decline, with initial support at $130 and major support at $128.
If SOL breaks below $128, it might fall towards the $120 zone. A close below $120 could lead to further decline towards $110 in the near term.
Technical indicators include a bearish MACD and an RSI near the 50 level. Major support levels are at $130 and $128, while major resistance levels are at $132 and $135.
