Solana (SOL) Extends Sell-Off to $130 as Recovery Attempts Remain Fragile

Solana started a fresh decline below the $145 zone. SOL price is now consolidating losses below $140 and might decline further below $130. SOL price started a fresh decline below $145 and $140 against the US Dollar. The price is now trading below $140 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $136 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could start a recovery wave if the bulls defend $130 or $128. Solana Price Dips Further Solana price failed to remain stable above $155 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $150 and $140 support levels. The price gained bearish momentum below $138. A low was formed at $128, and the price is now consolidating losses. The price recovered a few points above the 23.6% Fib retracement level of the downward move from the $143 swing high to the $128 low. Solana is now trading below $140 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $136 level. There is also a key bearish trend line forming with resistance at $136 on the hourly chart of the SOL/USD pair. The next major resistance is near the $140 level or the 76.4% Fib retracement level of the downward move from the $143 swing high to the $128 low. The main resistance could be $142. A successful close above the $142 resistance zone could set the pace for another steady increase. The next key resistance is $150. Any more gains might send the price toward the $155 level. Another Decline In SOL? If SOL fails to rise above the $140 resistance, it could continue to move down. Initial support on the downside is near the $130 zone. The first major support is near the $128 level. A break below the $128 level might send the price toward the $120 support zone. If there is a close below the $120 support, the price could decline toward the $108 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $130 and $128. Major Resistance Levels – $136 and $140.