Solana (SOL) Struggles Below $108 as Bearish Momentum Resurfaces – Key Levels to Watch for Rebound

Solana (SOL) is currently trading at $105.55, reflecting a 1.44% intraday decline, as sellers regain short-term control. Following a brief recovery attempt, SOL is encountering renewed resistance near the $108.72 level, which aligns with the midline of the Bollinger Bands. This rejection signals fading bullish momentum and hints at a potential continuation of the recent downtrend.

Key Support and Resistance Levels

Immediate support is now found around $104.38, which is the lower Bollinger Band on the 1-hour timeframe. A breakdown below this level could drive SOL toward the psychological support zone near $100. On the flip side, resistance is forming at $108.72, where previous attempts to break higher were firmly rejected. A move above this barrier would open the door toward $113–114, but such an outcome appears unlikely unless bullish volume increases.

Bollinger Bands Suggest Renewed Selling Pressure

The Bollinger Bands remain moderately wide, reflecting increased volatility. SOL’s price was recently rejected at the upper band and has now slipped below the midline, pointing to bearish control. The price action hugging the lower band indicates that bears are pressuring price lower, which could trigger another leg down if buyers fail to step in soon.

MACD Signals Bearish Crossover

The MACD (12,26) is flashing a short-term warning sign. After a brief bullish stint, the MACD line has crossed below the signal line, with a red histogram now forming around -0.40, and the MACD itself at -0.59. This bearish crossover suggests momentum is shifting in favor of the sellers and could lead to more downside pressure in the coming sessions.

Outlook: Weakness Prevails Without Reclaim of $108

Unless SOL can reclaim and hold above the $108.72 mark, the path of least resistance remains downward. Traders should keep an eye on the $104 support for any signs of a bounce. A breakdown below this level could prompt further losses toward $100 and possibly $96.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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