Solana faces renewed selling pressure after a brief recovery stalled below $130, with technical indicators suggesting bears maintain control of the market. The digital asset now trades beneath its 100-hour moving average following a short-lived bounce from $124.
What Happened: Recovery Stalls
SOL initiated a recovery wave from the $124 level, mirroring broader market movements in Bitcoin and Ethereum. The token climbed above $126 and briefly touched $130 before encountering resistance.
A bearish trend line has formed with resistance at $132 on the hourly chart.
The price now consolidates below the 100-hour simple moving average, facing immediate resistance at $130 and the 61.8% Fibonacci retracement level from the recent $136-to-$124 decline.
Bulls pushed SOL above the 23.6% Fib retracement level during the recovery attempt. However, sellers defended the $130 zone, preventing further upward momentum.
Also Read: Massive DDoS Hits Solana Infrastructure Yet Blockchain Maintains Operations
Why It Matters: Technical Breakdown
The hourly MACD indicator shows increasing bearish momentum, while the Relative Strength Index remains below 50, signaling continued weakness.
A failure to reclaim $132 could trigger another leg down toward the $124 support level.
Breaking below $124 would expose the $116 zone, with a potential decline to $108 if selling intensifies. Conversely, a successful break above $135 could set the stage for a move toward $144 and potentially $150.
Read Next: Technical Indicators Signal Neutral Momentum While Ethereum Consolidates Below $3,000 Mark