$SOL price consolidated below $130 on Tuesday, facing mounting headwinds in April as investors grow wary of looming FTX sell-offs.
Solana (SOL) price remains subdued as BTC leads market recovery
$SOL price remained pinned below $130 on Tuesday, despite a broader market recovery. While Bitcoin (BTC), Ripple (XRP), and Cardano (ADA) posted gains exceeding 3% over the past 24 hours, SOL lagged behind.
Solana price outlook: Bears eye $120 reversal in April as FTX overhang mounts
Solana price remains on a fragile footing, struggling to reclaim lost ground amid broader market uncertainty.
TradingView data shows SOL trading at $125.55, failing to reclaim key moving averages. The 5-day and 8-day simple moving averages (SMA) have crossed below the 13-day SMA, confirming bearish momentum.
A downward crossover of these short-term SMAs historically signals sustained sell pressure, making it difficult for bulls to reclaim the $130 level.
The MACD indicator further underscores the bearish outlook. As seen above, the MACD line remains below the signal line at -5.16 and -5.69, respectively, reinforcing downward momentum.
A weak histogram suggests diminishing buying activity, preventing a sustained rebound. Unless momentum shifts, Solana price forecast tilts bearish, with $120 as the next critical support level.
For bulls, reclaiming $128.93—the nearest resistance marked by the short-term moving averages—would be necessary to alter sentiment.
However, failure to hold above $125.23 could expose $SOL to steeper declines, especially with FTX-linked liquidity risks looming in May.
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