🤯 Solana’s Wild Ride: Can $120 Hold or Are We Doomed? 💸

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Like a leaf torn from its branch, Solana plunged, failing to cling to the lofty heights of $132, and now flounders below $130, teetering precariously on the edge of further descent.

  • SOL, in its folly, has stumbled below $130 and $128, a mere shadow of its former self against the almighty US Dollar.
  • It now languishes below $128, crushed beneath the weight of the 100-hourly simple moving average.
  • A sinister bearish trend line lurks at $131, plotting its resistance on the hourly chart of the SOL/USD pair (with data from Kraken-because who doesn’t trust octopuses with their finances?).
  • Hope flickers faintly-a recovery wave could emerge if the bulls muster the courage to defend $122 or $120. But will they?

Solana’s Perilous Plummet

Solana, once a bastion of hope, has faltered, mirroring the fates of Bitcoin and Ethereum. It slipped below the $130 and $128 supports, as if gravity itself conspired against it.

Bearish momentum coiled around $126, dragging SOL to a dismal low of $121. Now, it lingers in a pitiful attempt to consolidate its losses, clawing back just enough to test the 23.6% Fib retracement level-a small consolation prize.

Still trapped beneath $128 and the ominous 100-hourly simple moving average, Solana faces resistance at $125. The next hurdle? $128, or the 50% Fib retracement level-because why make things easy?

The main resistance looms at $130, while a malevolent bearish trend line festers at $131. A triumphant close above $132 could herald a resurgence, perhaps toward $140 or even $145. But let’s not get ahead of ourselves-this is Solana we’re talking about.

Is Another Drop in the Cards?

Should SOL fail to conquer $128, it may spiral further into the abyss. Initial support lies at $122, with the first major lifeline at $120.

A breach of $120 could send it hurtling toward $112. And if $112 crumbles? Brace for impact-$105 awaits. Technical indicators paint a grim picture:

Hourly MACD – Surging in the bearish zone, as if it enjoys the misery.

Hourly RSI (Relative Strength Index) – Wallowing below 50, questioning its life choices.

Major Support Levels – $122 and $120 (hold onto your hats).

Major Resistance Levels – $128 and $131 (because optimism dies last).

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2025-12-18 08:31