Solana has lately been struggling to maintain a steady price above $150. It has been declining lately, getting closer to the $130 support level. Solana (SOL) Price may suffer greater more losses below $130 and $120 if this pattern persists.
Recent Solana (SOL) Price Movement
Things started looking up for Solana, given that only last week, it experienced a small rise above the $130 resistance zone. That said, this upward momentum has been short-lived. The price faced a rejection near the $140 mark and started to decline, similar to Bitcoin and Ethereum.
The price couldn’t reach the 50% Fibonacci retracement level from the $162 swing high to the $120 low. Currently, it trades below $140 and the 50-day simple moving average.
Key Support and Resistance Levels
- Immediate Support: $130
- Next Support: $125
- Major Support: $120
- Immediate Resistance: $135
- First Major Resistance: $140
- Key Resistance Trend Line: $142
- Main Resistance: $146
- Potential Higher Target: $162, $170, $180
Price Outlook
As of this moment, Solana is approaching the $130 support zone and is declining below the $135 mark. More selling pressure can be applied if the price dips below this range. This might push the price further down to the $125 level. Should it collapse below that, Solana might suffer significant losses, perhaps reaching the $100 threshold.
Possible Recovery?
On the other hand, there’s a chance for an upward move if Solana bounces back from the $130 level. Immediate resistance lies near $135, with a key resistance trend line around $142 on the daily chart. The next major target would be $162, and if momentum continues, the price might reach $170 or even $180.
Upcoming Event: Breakpoint 2024
Solana’s community is gearing up for Breakpoint 2024. This event gathers projects, teams, and individuals globally. The ticket sales for the event will close early on Tuesday, September 17th, at 12 a.m. UTC. This event could bring some attention to Solana, potentially affecting its price movement.
Currently, Solana is struggling to stay above $135 and $140. A break below the $130 support could open the way to a test of $120 or even $100 in the near term. However, if the bulls manage to push the price above $142 and $146, a new upward trend could begin. The market is at a crucial point, and the next few days will be important in determining the direction of Solana’s price.
Key Levels Recap
Price Levels | Significance |
$130 | Immediate Support |
$125 | Next Support |
$120 | Major Support |
$135 | Immediate Resistance |
$140 | First Major Resistance |
$142 | Key Trend Line |
$146 | Main Resistance |
$162 | Potential Higher Target |
$170, $180 | Long-term Targets |
Solana’s price action is currently in a delicate balance. If it fails to stay above key support levels, it could face significant declines. Conversely, breaking through resistance levels could lead to a substantial recovery.
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