Solana began a fresh decline, falling below the $137 support level, signaling that bearish momentum is gaining strength. traction. The once promising uptrend has faltered, leaving traders and… investors I wonder if more losses are on the horizon. As selling pressure intensifies, the question now is whether Solana can find a new foothold or whether the bears will continue to push its price down.
In this analysis, we will provide in-depth analysis of Solana’s recent break below this key support level, examining the rising bearish momentum and examining key levels see what will happen next with Solana.
At the time of writing, Solana was trading at approximately $131, reflecting a decline of 4.67%, with a market cap of over $16 billion and trading volume of over $1.6 billion. Last 24 hours SOL market Capitalization decreased by 4.65%, and trading volume increased by 92.92%.
How low can Solana go?
On the 4-hour chart Solana (SOL) showed a clear shift in momentum to the bearish side, breaking decisively below the critical $137 level along with the 100-day simple moving average (SMA). This breakout reflects a weakening technical situation with sellers gaining the upper hand and pushing SOL towards the $118 support zone. In particular, a breakout of the 100-day SMA, a widely watched indicator of the overall market trend, suggests that negative momentum is not only strengthening, but could also signal an extended downward move.
Additionally, the Relative Strength Index (RSI) on the 4-hour chart has fallen below the 50% threshold and is now at 35%. As the RSI attempts to move deeper into oversold territory, it shows that the bears are taking control and further declines could be on the horizon if buying interest does not pick up soon.
On the daily chart, Solana is showing significant bearish action, moving below the 100-day simple moving average and forming several bearish candles as it moves towards the $118 level. This sustained decline underscores strong selling pressure and deteriorating market sentiment, signaling an increased risk of further losses. Constant decline pulse indicates that the bears are firmly in control and SOL could potentially face an even deeper correction in the near future.
Finally, the 1-day RSI indicates that bearish pressure on SOL is increasing, as the indicator recently fell to 43% after failing to rise above the 50% mark, highlighting increasing selling pressure and a growing downside signal for SOL. cryptocurrency.
Potential support areas where you can expect a rebound
As SOL heads into its current bearish trend, key support zones to watch include $118, which serves as an important psychological and technical level where strong defense could indicate potential risk. reversal or consolidation. If $118 fails to hold, $99 could provide additional support, acting as a historical turning point and possible base for recovery.
If Solana bounces at any of these support levels, the price could start moving higher towards the $137 resistance level. Successful break above this level resistance may signal a transition to bullish a trend that could potentially lead to further gains as SOL targets higher resistance levels.
