Solana Risks a Decline Below the $130 Support

Key Highlights

Solana  approaches the $120 bottom price
Solana targets the $117 low

Solana (SOL) Current Statistics

The current price: $136.08
Market Capitalization: $69,155,815,943.37
Trading Volume: $8,770,761,960.23
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

The price of Solana (SOL) has been fluctuating below the moving average lines and risks a decline below the $130 support. Buyers tried to hold the price above the 21-day SMA barrier on March 2, but they were unsuccessful. SOL has dropped once further today, testing the $130 support level. 

The market would drop to $110 if the bears break through the $130 support. Furthermore, the price indicator has forecasted a drop to $117.72 or 1.618 Fibonacci Extension. The selling pressure has now reached a low of $133. On the downside, if the bearish trend breaks below the $130 support, there will be more selling pressure.

Solana (SOL) Price Indicator Analysis

 Following its rejection at the peak of $180, the cryptocurrency price bars are below the moving average lines. The 21-day SMA is below the 50-day SMA, and the moving average lines are sloping downward. Solana is getting close to the market’s oversold area.

What Is the Next Move for Solana (SOL)?

Solana has significantly decreased as it risks a decline below the $130 support. The altcoin will reverse if it falls above the bottom of the chart. The altcoin has begun its rise after plunging to $120.91 on September 6, 2024. The crypto signal remains unfavorable even if the decline has stopped above the $130 mark.

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