1-4-2025 – Solana’s digital currency has encountered significant headwinds, displaying marked weakness below the crucial $132 threshold. Market analysts observe a consolidation pattern emerging, with the asset facing substantial hurdles in its attempt to breach the $126 resistance level.
The digital asset’s technical indicators paint an intriguing picture, with a distinctive channel formation materialising on hourly charts, establishing support at the $124 mark, according to data from the Kraken exchange. This development comes amidst broader market movements affecting major cryptocurrencies.
Despite mounting a recovery effort from $122, Solana’s momentum has been curtailed, with trading activity settling beneath both $130 and the 100-hour simple moving average. The recent price action witnessed a modest rebound, testing the 23.6% Fibonacci retracement level, calculated from the peak of $140 to the trough of $122.
Looking ahead, market participants identify several critical price points. The immediate challenge lies at $126, followed by a more substantial barrier at $128. Should buyers successfully penetrate these levels, the $132 mark emerges as a decisive battleground, corresponding to the 50% Fibonacci retracement level.
The bearish scenario suggests potential downside risks, with initial support positioned at $124. A breach below $122 could trigger a cascade towards $115, with further deterioration potentially testing the $102 level. Technical indicators present a mixed outlook, with the MACD showing diminishing bearish momentum, whilst the RSI maintains a position above the median 50 mark.
For upward momentum to resume, analysts suggest that a decisive close above $132 could catalyse renewed buying interest, potentially propelling prices toward $136, with $142 representing the next significant target. This technical landscape underscores the current market equilibrium between bullish aspirations and bearish pressures.