📉 Solana Price Analysis: Will the $130 Support Hold?

🔻 $SOL Struggles to Recover
Solana has dropped below $160, marking its lowest level since November 2024. Market sentiment remains bearish, limiting any attempts at recovery. SOL is now testing key support at $130, raising concerns about further declines.

📊 Bearish Pattern Signals More Volatility
Crypto analyst Ali has identified a right-angled ascending broadening pattern, suggesting high volatility. If SOL breaks below $130, it could trigger a sharp drop to $65, significantly impacting market sentiment.

📉 Network Activity Declines
On-chain data shows SOL’s transfer volume plunged from $1.99B in November to $14.57M, signaling reduced usage and liquidity. This decline correlates with SOL’s ongoing price weakness, now hovering near $138.

⚠️ Bearish Indicators Dominate
SOL's RSI is at 30, nearing oversold levels, while the MACD shows a bearish crossover, indicating continued downward pressure. If SOL fails to reclaim $160 resistance, a break below $130 could lead to deeper losses.

⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.