Solana (SOL) Price Analysis: Moving Lower Toward the $130 Support

This past week, Solana started a decent increase above the $130 resistance zone. It cleared the $132 and $135 resistance levels.

Solana price declined sharply below the $135 support zone. It is now approaching the $130 support level. The price remains at risk of more downsides below $130 and $120.

Solana Price Faces Yet Another Rejection

This past week, Solana started a decent increase above the $130 resistance zone. It cleared the $132 and $135 resistance levels. However, upsides were capped near the $140 level, and the price started another decline like Bitcoin and Ethereum.

SOL price even failed to test the 50% Fib retracement level of the downward move from the $162 swing high to the $120 low. It is now trading well below $140 and the 50-day simple moving average (blue).

Solana is grinding lower below the $135 level. It is approaching the $130 support zone (reflection level). If the bulls fail to protect the $130 support level, there could be more downsides and an increase in selling pressure.

The next support sits near the $125 level. The first major support is near the $120 level (a multi-touch zone). A downside break below the $120 support might spark heavy losses. SOL might dive toward the $100 level in the coming days.

Another Recovery Move In SOL?

Conversely, Solana might start another upward move from the $130 zone. Immediate resistance is near the $135 level, and the first major resistance is near the $140 level. On the daily chart, a key bearish trend line is forming with resistance at $142. It is close to the 50-day simple moving average (blue).

The main resistance sits near the $146 level or the 61.8% Fib retracement level of the downward move from the $162 swing high to the $120 low. A successful daily close above the $142 resistance and a follow-up move above the $146 level could set the tone for another rally.

The next major resistance is at $162, above which the bulls might aim for $170. Any more gains might send SOL toward the $180 level.

Solana’s team and community are all set for Breakpoint 2024. Projects, teams, and individuals from around the world hold events. The ticket window for the event will close early on Tuesday, Sept. 17th, at 12 a.m. UTC.

Solana crew touching down in Singapore: quick reminder that Breakpoint side events are stacked this year.

Great opportunity to make connections before and after the main event. Which ones catch your eye? pic.twitter.com/MDGaU2diCq

Overall, SOL price is struggling below $140 and $135. A clear move below $130 might open the doors for a test of $120 or even $100 in the near term.