Solana price has fallen below the $165 and $150 levels
SOL formed a recent low at $132 before recovering slightly
Price is currently trading below $145 and the 100-hourly moving average
Key resistance levels are at $148 and $155
Further decline could target $132 and potentially $125 support zones
Solana (SOL), one of the leading cryptocurrencies in the market, has recently experienced a downturn that has caught the attention of investors and traders alike. The digital asset has been unable to maintain its position above key price levels, mirroring similar movements seen in other major cryptocurrencies like Bitcoin and Ethereum.
In recent trading sessions, Solana has shown signs of weakness as it failed to break through the $180 resistance level. This failure marked the beginning of a fresh decline in SOL’s price action. The downward momentum pushed the cryptocurrency below several key support levels including $165 and $150.
The selling pressure continued to mount, forcing SOL to dip even lower. The price eventually reached a low point of $132, marking a steep drop from recent highs. This represents a drop of over 26% from the $180 level that SOL had previously approached.
After hitting this low, Solana showed some signs of recovery. The price managed to climb back above the $140 mark and reached the $142 level. This recovery represented the 23.6% Fibonacci retracement level of the entire downward move from the $180 high to the $132 low.
However, the recovery was short-lived as sellers became active again near the $152 price level. Their presence pushed SOL’s price lower once more. A technical breakdown occurred when the price fell below a short-term rising channel that had support at the $144 level on hourly charts.
Markey Analysis
Currently, Solana trades below the $145 price mark. It also sits below the 100-hourly simple moving average, a technical indicator that often signals the medium-term trend direction. This positioning below key technical indicators suggests continued bearish sentiment in the market.
Looking at the resistance levels ahead, SOL faces immediate hurdles near $145. Beyond this, more resistance awaits at the $148 level. The main resistance zone appears to be at $155, which also coincides with the 50% Fibonacci retracement level of the recent downward move.
Should Solana manage to break above the $155 resistance zone with a successful close, it might set the stage for a steadier increase. If such a breakout occurs, the next key resistance would be found at $162. Further gains beyond this level could potentially send the price toward the $175 mark.
On the downside, if SOL fails to climb above the $148 resistance level, another decline may be in store. The initial support to watch would be near the $136 zone. The first major support level sits at the recent low of $132.
Breaking below the $132 support could trigger more selling. In such a scenario, the price might decline toward the $125 support zone. A close below this level would be concerning for bulls, as it could open the door for a move toward the $120 support in the near term.
Technical indicators provide mixed signals at present. The hourly MACD (Moving Average Convergence Divergence) indicator for SOL/USD is losing momentum in the bearish zone. Meanwhile, the hourly RSI (Relative Strength Index) remains below the 50 level, suggesting bears maintain control of the market.
Market participants are closely watching these key levels for clues about SOL’s next major move. The $148 and $155 levels serve as the key resistance points that bulls must overcome to regain upward momentum. On the flip side, $136 and $132 represent crucial support levels that must hold to prevent further price deterioration.
Trading volume has fluctuated during this decline, with higher volumes seen during the initial drop below $150. As the price consolidates, volume patterns will be worth monitoring for signs of accumulation or distribution.
SOL’s price action comes amid broader market movements affecting the entire cryptocurrency sector. Many major digital assets have experienced pullbacks in recent trading sessions, suggesting market-wide factors at play rather than Solana-specific issues.
The current price action for SOL takes place on the hourly chart of the SOL/USD pair, with data sourced from Kraken exchange. Traders are advised to watch these key levels for potential trading opportunities in the coming sessions
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
