Solana Faces Market Pressure as SOL Struggles to Hold Key $125 Level
- Solana (SOL) is struggling to maintain the critical $125 level amid ongoing market pressure and treasury issues.
- If SOL continues to face rejection at $125, the next strong support lies between $95-$105.
- Technical indicators reveal weak buying momentum, with RSI near 37 and MACD still in bearish territory.
Solana (SOL) appears to be experiencing difficulties in trading above crucial levels. It was predicted that if there was a possible decline, the prices would drop further. Difficulties experienced in some firms associated with Solana are causing uncertainty in the marketplace.
Solana Faces Heavy Market Pressure
A well-known crypto analyst, CryptoPulse, highlighted a SOL Breakdown Alert, stating, “Currently, Solana is struggling to maintain levels above $125. As long as Solana fails to reclaim $125, it will continue to face substantial pressure.
The analyst has also asserted that in case the rejection at the current levels continues, the next level of support may come at the region of $95-$105, which may attract buyers.
At the time of writing, SOL is trading at $125.10, and it registered a trading volume of $15.92 billion over the last 24 hours. It has a market value of $70.12 billion. SOL registered a gain of 1.27% over the last 24 hours, but experts predict more challenges in the coming days.
Solana Struggles Amid Treasury Issues
Another market analyst, Ted, pointed to problems within Solana-related treasury businesses. “Another week, another low for these businesses. They have not yet established a bottom, which is why SOL is not keeping pace with other cryptocurrencies,” he said.
SOL finds itself at a critical stage with these considerations at play. It remains to be seen which way the next few days will take the market, with either stabilization at an ideal level or further downward corrections on the cards. Market players are very closely watching levels around $125.
Also Read | Solana Price Prediction: SOL Targets $500 as Tokenized Markets Expand
Solana Weekly Momentum Turns Weak
The RSI is seen close to 37, remaining below the middle level of 47, indicating a lack of momentum and purchase strength. The price is currently below the MA Ribbon, where the important averages of $181, $170, and $166 have become good, strong resistance areas. The major 200 MA level of $103 is also holding below.
The MACD stays in the bearish zone, with the MACD line around -13 and the signal line around -3.7. The histogram bars are also increasing, indicating that the bearish momentum is still present. Until this MACD line begins to stabilize or turn positive, the graph shows a signal for caution and not a buy signal.
Also Read | SOL Price Near Key Support as Institutional Adoption of Solana Accelerates
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