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Solana Losses Ground, Drops Below $137 As Bearish Momentum Builds
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Solana Losses Ground, Drops Below $137 As Bearish Momentum Builds

Godspower Owie
Godspower Owie
8 months ago
3 mins read
Solana

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Solana has started another decline, falling below the $137 support level, signaling that bearish momentum is gaining traction. The once-promising uptrend has faltered, leaving traders and investors wondering if more losses are on the horizon. As selling pressure intensifies, the question now is whether Solana can find a new foothold or if the bears will continue to push its price lower. 

In this analysis, we’ll provide an in-depth analysis of Solana’s recent breakdown below this key support level, examining the growing bearish momentum and exploring the key levels to watch and what could come next for Solana.

As of the time of writing, Solana was trading at approximately $131, reflecting a 4.67% decline with a market capitalization exceeding $16 billion and a trading volume surpassing $1.6 billion. Over the past 24 hours, SOL’s market cap has dropped by 4.65%, while trading volume has surged by 92.92%.

How Low Can Solana Fall?

On the 4-hour chart, Solana (SOL) has shown a clear shift in momentum toward the bearish side, as it decisively breaks below the critical $137 level along with the 100-day Simple Moving Average (SMA). This breakdown reflects a weakening technical setup, with sellers gaining the upper hand and pushing SOL toward the $118 support zone. Particularly, the breach of the 100-day SMA, a widely-watched indicator of the overall market trend, suggests that negative momentum is not only increasing but may also signal a prolonged downside movement

Solana
Solana breaks below $137, and the 100-day SMA | Source: SOLUSDT on Tradingview.com

Also, the Relative Strength Index (RSI) on the 4-hour chart has dropped below the 50% threshold, now sitting at 35%. With the RSI attempting to move deeper into the oversold territory, it shows that bears are gaining control, and further downside could be on the horizon if buying interest doesn’t pick up soon.

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On the daily chart, Solana is exhibiting substantial pessimistic movement, having slipped below the 100-day Simple Moving Average and forming multiple bearish candlesticks as it moves toward the $118 level. This steady decline underscores strong selling pressure and deteriorating market sentiment, signaling a heightened risk of further losses. The persistent downward momentum indicates that bears are firmly in control, with SOL potentially facing even deeper corrections in the near term.

Solana
SOL targets the $118 level, forming multiple bearish candlesticks | Source: SOLUSDT on Tradingview.com

Finally, the 1-day RSI indicates that bearish pressure on SOL is intensifying as the indicator has recently dropped to 43% after failing to rise above the 50% mark, highlighting increased selling pressure and a growing downside signal for the cryptocurrency. 

Potential Support Zones To Watch For A Rebound

As SOL navigates its current bearish trend, key support zones to watch include $118, which serves as a significant psychological and technical level where a strong defense could indicate a potential reversal or consolidation. If $118 fails to hold, $99 could provide additional support, acting as a historical pivot point and possible base for recovery.

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Should Solana rebound at any of these support levels, the price could start moving upward toward the $137 resistance mark. A successful breakout above this resistance could signal a shift to a bullish trend, potentially leading to further gains as SOL targets higher resistance levels.

Solana
SOL trading at $131 on the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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