Solana (SOL) extends sell-off to $130 as recovery efforts continue to fail

Solana started a fresh decline below the $145 zone. SOL price is currently consolidating losses below $140 and may fall further below $130.

SOL price started a fresh decline below $145 and $140 against the US dollar.
The price is currently below $140 and the 100-hour straightforward moving average.
A key bearish trend line is forming on the hourly chart of the SOL/USD pair with resistance at $136 (data source from Kraken).
The price could start a recovery wave if the bulls defend $130 or $128.

Further declines in Solana prices

Solana’s price failed to stay stable above $155 and began a fresh decline, similar to Bitcoin and Ethereum. SOL fell below the $150 and $140 support levels.

The price has gained bearish momentum below $138. The bottom was formed at $128 and the price is currently consolidating losses. The price has risen several points above the 23.6% Fib retracement level, the result of a downward move from a high of $143 to a low of $128.

Solana is currently trading below $140 and the 100-hour straightforward moving average. On the other hand, immediate resistance is located near the $136 level. A key bearish trend line is also forming on the hourly chart of SOL/USD with resistance at $136.

The next major resistance is located near the $140 level, or the 76.4% Fib retracement level, which is the result of a downward move from the $143 high to the $128 low. The main resistance may be at $142. A successful close above the $142 resistance zone could set the pace for further sustained growth. The next key resistance is $150. Any further gains could push the price towards the $155 level.

Another SOL decline?

If SOL does not break through the resistance at $140, it may continue to decline. Initial downside support is near the $130 zone. The first major support is located near the $128 level.

A break below the $128 level could push the price towards the $120 support zone. If a close occurs below the $120 support, the price could drop towards the $108 support in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Main support levels – $130 and $128.

Major resistance levels – $136 and $140.