The price of Solana ($SOL ) has faced strong selling pressure after failing to break the level of $132, leading to a sharp reversal in direction. The price is currently trading below the $130 barrier, with increasing chances of a pullback towards lower areas that could reach $120.
The price broke below the levels of $130 and $128 against the US dollar, before negative momentum accelerated below $126. After hitting a temporary low near $121, the price entered a consolidation phase, with a limited recovery attempt that tested the Fibonacci retracement level of 23.6% for the decline extended from $134 to $121.
Currently, the price of SOL is moving below the $128 level and the 100-hour simple moving average, which reinforces the short-term negative outlook. The $125 level is an immediate resistance, while the most significant resistance remains at $128, which corresponds to the 50% Fibonacci retracement level.
The bullish scenario
If the price successfully breaks above $128, we may see an upward attempt towards $130 – $131, as a downward trend line forms on the hourly timeframe. A clear close above $132 could open the door for a new upward wave targeting $140, then $145 in the near term.
The bearish scenario
However, if the price fails to break above the $128 resistance, selling pressure may resume, targeting support at $122 as the first stage, followed by pivotal support at $120. A break below this level could push the price down to $112, and if it closes below, the decline may extend towards $105.
Key technical levels
Supports: $122 – $120
Resistances: $128 – $131
The overall trend remains contingent on the price reaction at pivotal levels, with caution prevailing amid weak buying momentum.
