Solana (SOL) has fallen below key price levels, raising concerns among traders that the cryptocurrency could face further losses in the near term.
The token dropped under $130 after failing to hold above $132, a move that followed wider weakness across the crypto market, including declines in Bitcoin and Ethereum. SOL later slipped below $128, gaining downward momentum and briefly touching a low of $121 before staging a modest recovery.
At the time of writing, Solana is trading below its 100-hour simple moving average, a signal often seen as a sign of short-term weakness.
Price Action and Market Levels
Technical charts show that Solana is now consolidating near important support zones. A bearish trend line has formed, with resistance around $131 on the hourly chart.
Immediate resistance is seen near $125, while a stronger barrier lies at $128, which aligns with the 50% Fibonacci retracement of the recent fall from $134 to $121.
On the downside, $122 is acting as initial support. A more critical level sits at $120, which traders are closely watching.
Technical Indicators Point Lower
Market indicators suggest that selling pressure remains in place. The MACD indicator for the SOL/USD pair continues to strengthen in bearish territory, while the Relative Strength Index (RSI) remains below 50, indicating weak momentum.
Analysts say that if Solana fails to hold above $120, the price could fall toward $112. A deeper drop could see SOL test levels near $105.
However, a recovery above $130, followed by a clear break past $132, could open the door for a move toward $140 or $145, though current signals suggest this may be challenging in the short term.
Broader Market Context
Solana’s decline mirrors a wider slowdown in the cryptocurrency market, as traders reassess risk amid uncertain sentiment. Bitcoin and Ethereum have also shown signs of weakness, adding pressure to major altcoins.
Patos Presale Gains Attention on Solana
Despite recent price volatility in the Solana ecosystem, new projects continue to attract interest. One of them is Patos (PATOS), a Solana-based meme coin currently in its presale phase.
The Patos project has reported strong early participation, with hundreds of millions of tokens already sold. The presale allows purchases using SOL, USDT, and USDC, and the team has outlined plans for broad exchange listings following the sale.
While meme coins remain highly speculative, Patos highlights ongoing developer and investor activity on the Solana network, even as SOL itself faces short-term price pressure.
