Solana dropped below $145 on Thursday and is now testing a critical support zone near $140. Technical indicators suggest further losses could follow if bulls fail to defend the level against mounting bearish pressure.
SOL Tests Key Support Level
The cryptocurrency fell from recent highs near $149 after failing to break through the $150 barrier. Trading data from Kraken shows SOL slipped below the 100-hourly simple moving average. A bullish trend line has formed with support at $141 on the hourly chart. The price also dropped beneath the 61.8% Fibonacci retracement level of the recent upward move from $138 to $149. Resistance now sits at $144, with $146 and $148 serving as the next major hurdles. A close above $148 could open the path toward $155 and potentially $162.
Breakdown Risk for SOL
The hourly MACD is gaining momentum in bearish territory, while the RSI remains below 50. Should SOL fail to reclaim $146, initial support rests at $141 and the trend line. The $140 level, which coincides with the 76.4% Fibonacci retracement, represents the last major defense before a potential slide toward $132 or even $124.