Key Takeaways
- SOL, the native token of the Solana ecosystem, has dropped by 9% in the last 24 hours and may fall to the support level of $120.
- A head-and-shoulders pattern in the daily timeframe indicates strong bearish control.
Solana Falls 9% Amid Broader Market Downturn
SOL, the native cryptocurrency of the Solana ecosystem, experienced a 9% decline in the past 24 hours and could plummet further in the hours and days ahead. As of press time, SOL has dipped below the $130 threshold and may test the $120 support level if the bearish trend continues.
The poor performance of Solana is occurring against a backdrop of bearish conditions across the broader market. Bitcoin, the leading cryptocurrency by market capitalization, has dropped to around $100,000 as tensions escalate in the Middle East.
The United States’ involvement is increasing, with President Trump threatening further airstrikes against Iran. As Bitcoin tumbles to $100,000, Ethereum, SOL, and other major cryptocurrencies are similarly in the red.
SOL May Test the $120 Support Level
The overall market sentiment remains bearish, with sellers in control of the SOL/USD pair. The 4-hour chart indicates that SOL could face fresh selling pressure in the upcoming hours and days.
As of press time, the price of SOL stands at $128.60. If the bearish trend persists, SOL may soon test the next support level at $120. A prolonged downward trend could see SOL fall to $100 for the first time since April.
The MACD is deeply in negative territory, indicating that sellers have control. The SOL/USD pair also has an RSI of 34, reflecting strong selling pressure on Solana’s native token.
However, if market conditions improve, SOL could test the first liquidity level around $148 per token. The second resistance point at $165 appears unlikely at this time unless the market launches into a significant rebound.
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