Solana has reached the critical $137 support level, with bulls under pressure to prevent a downward breakout. If defended successfully, it could signal renewed bullish strength, but failure may lead to further declines.
Currently trading below the 100-day Simple Moving Average, Solana’s bearish trajectory is evident on the 4-hour chart. The Relative Strength Index (RSI) has dropped to around 33%, indicating potential oversold conditions and possible further declines.
The daily chart shows persistent negative movement, with Solana trading below the 100-day SMA, reinforcing the bearish sentiment. The RSI has fallen to 43%, signaling diminishing market strength.
The $137 level is crucial. If defended, it could lead to a recovery towards the $164 resistance. However, a breach could accelerate selling pressure, triggering declines towards $118 and possibly to $99, intensifying bearish sentiment.
