Solana Faces Further Decline Amidst Market Volatility
- Solana’s price has declined below $145 and $140, currently consolidating losses under $140.
- A key bearish trend line is forming with resistance at $136 on the hourly chart of the SOL/USD pair.
- The price formed a low at $128, recovering slightly above the 23.6% Fib retracement level from $143 to $128.
- Major support levels are identified at $130 and $128, with potential further decline toward the $120 zone if breached.
Solana’s price struggles to maintain stability as it trades below crucial support levels amidst broader market declines seen in Bitcoin and Ethereum. The bearish trend continues with critical resistance at $136, while immediate support lies near the $130 mark.
The ongoing bearish momentum suggests that Solana could face further declines unless it successfully closes above key resistance zones like $142 and eventually recovers past the significant barrier of $150. (Source)
