Solana (SOL) Extends Sell-Off to $130 as Recovery Attempts Remain Fragile
Overview
Solana (SOL) has experienced a notable decline, dropping below the $145 threshold and currently trading under $140. The price has shown weakness, and further declines could take it below $130. This trend follows a broader market movement affecting major cryptocurrencies.
Recent Price Movements
Solana’s price recently fell below both the $145 and $140 support levels, indicating a loss of stability in the market. After failing to maintain its position above $155, SOL has been trading below the 100-hourly simple moving average, reflecting bearish momentum. A low was recorded at $128, prompting a consolidation phase for the cryptocurrency.
As Solana’s price continues to linger below $140, it faces immediate resistance around the $136 mark. A key bearish trend line is forming, indicating potential challenges for any upward movements. The price did experience a minor recovery above the 23.6% Fibonacci retracement level from the downward movement between the $143 swing high and the $128 low, but it remains under pressure.
Should the bulls manage to defend the $130 or $128 levels, there may be a possibility of a recovery wave. However, if the price fails to rise above the $140 resistance, further declines are likely, with initial support near $130 and significant support at $128. A breakdown below $128 could lead to a more substantial decline toward the $120 support zone.
Technical Indicators
- Hourly MACD: The MACD for the SOL/USD pair is gaining pace in the bearish zone.
- Hourly RSI: The Relative Strength Index (RSI) for SOL/USD is currently below the 50 level.
Impact on the crypto market
- Solana’s recent price decline reflects broader bearish trends observed in major cryptocurrencies.
- The inability to sustain above critical support levels could lead to increased selling pressure.
- The formation of a bearish trend line suggests potential challenges for recovery efforts in the near future.
- Market participants may be closely monitoring the $130 and $128 support levels for signs of stability or further declines.
- A significant breakdown could influence overall market sentiment, potentially affecting other cryptocurrencies.
Updated: 11/18/2025, 5:24:24 AM
