Solana has started another decline, falling below the $137 support level, signaling that bearish momentum is gaining traction. The once-promising uptrend has faltered, leaving traders and investors wondering if more losses are on the horizon.
As selling pressure intensifies, the question now is whether Solana can find a new foothold or if the bears will continue to push its price lower. In-depth analysis shows the recent breakdown below this key support level along with growing bearish momentum.
As of the time of writing, Solana was trading at approximately $131, reflecting a 4.67% decline with a market capitalization exceeding $16 billion and a trading volume surpassing $1.6 billion. Over the past 24 hours, SOL’s market cap has dropped by 4.65%, while trading volume has surged by 92.92%.
On the 4-hour chart, Solana has shown a clear shift in momentum toward the bearish side, breaking below the critical $137 level along with the 100-day Simple Moving Average (SMA). This breakdown signifies a weakening technical setup, with sellers pushing SOL toward the $118 support zone.
The Relative Strength Index (RSI) on the 4-hour chart has dropped below the 50% threshold, now sitting at 35%. This indicates that bears are gaining control, and further downside could be on the horizon if buying interest doesn’t pick up soon.
On the daily chart, Solana is exhibiting substantial pessimistic movement, having slipped below the 100-day SMA and forming multiple bearish candlesticks as it moves toward the $118 level. This steady decline underscores strong selling pressure and deteriorating market sentiment, signaling a heightened risk of further losses.
The 1-day RSI indicates that bearish pressure on SOL is intensifying as the indicator has recently dropped to 43% after failing to rise above the 50% mark, highlighting increased selling pressure and a growing downside signal for the cryptocurrency.
Key support zones to watch include $118 and $99. These levels serve as significant psychological and technical points where a strong defense could indicate a potential reversal or consolidation.
If Solana rebounds at any of these support levels, the price could start moving upward toward the $137 resistance mark. A successful breakout above this resistance could signal a shift to a bullish trend, potentially leading to further gains as SOL targets higher resistance levels.
