Two weeks ago, Solana's (SOL) price reached a peak of $163.60, suggesting a potential return to $200. However, the cryptocurrency has since dropped 15%, now trading at $140.39, and faces further decline risks.
The MACD indicator on the SOL/USD daily chart is negative, indicating bearish momentum. If the 12 EMA crosses above the 26 EMA, it confirms a bearish trend, which is currently happening for SOL.
Solana's price recently attempted a V-shaped recovery but was rejected at $163.60. It now risks losing crucial support at $131.06. If bulls do not defend this level, the price may fall to $121.09.
The Awesome Oscillator (AO) is also in negative territory, challenging SOL's upward momentum. The Fibonacci retracement indicator suggests SOL's price risks pulling back to $129.85 if support at $131.06 fails.
If the cryptocurrency bounces off the support, it may rebound to $142.09 or $151.98.
