Solana Faces Critical Support Test as Price Dips Below $145

Solana (SOL), a prominent cryptocurrency, has experienced a notable price correction, falling below the crucial $146 threshold after failing to secure sustained gains. The digital asset is currently trading under $145, setting the stage for a high-tension test around the $140 support zone.

Solana's Recent Market Performance

The SOL price struggled to overcome the $150 resistance level, initiating a downside correction that mirrors trends seen in other major cryptocurrencies like Bitcoin and Ethereum. This downturn led Solana to breach the $146 and $145 marks, pushing it into a short-term bearish territory. A significant technical event was the move below the 61.8% Fibonacci retracement level, which tracks the upward wave from the $138 swing low to the $149 high. Despite this, market analysts observe active buying interest around the $140 area, supported by a bullish trend line at $141 on the hourly chart for the SOL/USD pair.

Navigating Potential Declines and Key Price Levels

The immediate future for Solana hinges on its ability to reclaim the $146 resistance. A failure to do so could trigger further declines. On the downside, initial support is noted near the $141 zone, bolstered by the aforementioned bullish trend line. The primary major support level is situated around $140, coinciding with the 76.4% Fibonacci retracement level of the previous upward swing. Should SOL fall below $140, the price could descend towards the $132 support. A sustained break beneath $132 might lead to a further drop towards the $124 support level in the near term. Current technical indicators paint a bearish picture, with the Hourly MACD gaining momentum in the bearish zone and the Hourly Relative Strength Index (RSI) positioned below the 50 mark, signaling prevailing selling pressure.

Key Support & Resistance Levels

• Major Support Levels: $141, $140, and $132
• Major Resistance Levels: $146 and $148