Solana (SOL) Faces Potential Downside Risks Below $142
Solana (SOL) has dropped from the $155 level and is currently stabilizing near $145, with the risk of further decline if it slips below $142. The price remains under pressure, trading below both $150 and the 100-hour simple moving average (SMA) against the US Dollar.
On the hourly SOL/USD chart, a short-term rising channel or continuation pattern has formed, with immediate support around $144. A successful break above the $148 resistance could trigger a fresh upward move.
Solana Price Attempts Recovery but Faces Resistance
Following the broader crypto trend seen in Bitcoin and Ethereum, Solana found support near $142 and rebounded. It briefly broke above $145 and $150, but bullish momentum was capped near the $155 resistance level. After reaching a high of $153.90, the price retreated below $150 and $148, eventually bottoming out at $142.64.
A minor recovery followed, taking SOL above the 23.6% Fibonacci retracement level of the $153.90 to $142.64 decline. Still, the price remains below the $150 level and the 100-hour SMA.
The short-term rising channel indicates support at $144, while immediate resistance lies at $147. A stronger barrier stands at $150, which coincides with the 61.8% Fib retracement of the recent decline. The key hurdle remains at $155—breaking above it could lead to a more sustained upward move toward $165, with potential to reach $180.
Further Downside Possible?
If Solana fails to clear the $150 resistance, it may face renewed selling pressure. The first significant support lies near $145, followed by a critical level at $142. A break below $142 could open the door to a drop toward $135, and if that level fails to hold, the price might decline further to $122.
Technical Indicators
The MACD for SOL/USD is currently rising but remains in the negative zone.
The RSI is below the 50 mark, indicating weak momentum.
Key Levels to Watch:
Support: $145, $142
Resistance: $147, $150, $155.
$SOL 👇🏻