Solana dropped below $145 on Thursday and is now testing a critical support zone near $140, with technical indicators suggesting further losses could follow if bulls fail to defend the level against mounting bearish pressure.
What Happened: SOL Tests Key Support
The cryptocurrency fell from recent highs near $149 after failing to break through the $150 barrier. Trading data from Kraken shows SOL slipped below the 100-hourly simple moving average.
A bullish trend line has formed with support at $141 on the hourly chart.
The price also dropped beneath the 61.8% Fibonacci retracement level of the recent upward move from $138 to $149.
Resistance now sits at $144, with $146 and $148 serving as the next major hurdles. A close above $148 could open the path toward $155 and potentially $162.
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Why It Matters: Breakdown Risk
The hourly MACD is gaining momentum in bearish territory, while the RSI remains below 50.
Should SOL fail to reclaim $146, initial support rests at $141 and the trend line. The $140 level, which coincides with the 76.4% Fibonacci retracement, represents the last major defense before a potential slide toward $132 or even $124.
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