Solana (SOL) Slips Toward Key Support While Markets Brace for Next Big Move
Overview
Solana (SOL) has recently experienced a decline, falling below significant price levels. The cryptocurrency is currently consolidating losses and shows signs of potential further declines if certain support levels are breached.
Price Movement and Market Context
Solana’s price has slipped below the $135 zone, marking a fresh decline. After failing to maintain stability above the $140 level, SOL’s price fell below both the $135 and $130 support levels. Currently, it is trading under $130 and is below the 100-hourly simple moving average, indicating a bearish trend.
A low was established at $123, and while there was a minor recovery, the price remains below the critical resistance levels. The immediate resistance is near $128, with further resistance at $130. A bearish trend line is also forming, with resistance at $136 on the hourly chart. Should the price break above this level, it could signal an opportunity for a recovery.
If the price does not manage to rise above the $130 resistance, there is a risk of further declines. The initial support level is near $125, followed by major support at $122. A drop below $122 could lead to a decline toward the $120 support zone, and if this level is breached, the price could potentially fall to $112.
Technical Indicators
- Hourly MACD: The MACD for SOL/USD is showing increased bearish momentum.
- Hourly RSI: The RSI for SOL/USD is currently below the 50 level, indicating weakness.
Impact on the crypto market
- Solana’s decline reflects broader market trends affecting major cryptocurrencies.
- The potential for further declines could create a more cautious sentiment among investors.
- The formation of key resistance levels may influence trading strategies and decisions.
- Market participants will be watching support levels closely to assess potential price movements.
- A failure to recover may lead to increased volatility in the SOL market.
Updated: 12/2/2025, 6:38:30 AM
