Solana Consolidates Below $135 as $138 Trendline Limits Upside

Solana (SOL) is consolidating below the $135 area after a recent pullback from the $140 region. The current structure shows a recovery attempt facing a clear cap from a bearish trendline near $138, while buyers appear to be defending a support band around $129–$125.

Market Context

According to the referenced analysis, SOL moved lower after failing to hold above $140, sliding under $138 and $135. The report frames the move as a corrective decline that found demand near $125 before attempting a rebound. Price action has since pushed back above $128 and $130, but the recovery is described as fragile while SOL remains below $135 and the trendline resistance near $138.

From a market-structure perspective, this reads as a short-term range forming after a downswing: downside momentum cooled near $125, but the rebound has not yet reclaimed the prior breakdown zone around $135–$138.

Key Levels

• Support: $130 is highlighted as a near-term level, with deeper support around $128. Below that, $125 is referenced as a key swing-low area; a break beneath it could increase downside pressure.
• Resistance: $135 is the first overhead hurdle in the cited structure. Above that, a bearish trendline near $138 is described as a more defined cap. The $140 area is also referenced as an upper barrier from the prior rejection.
• Critical zones: The $135–$138 band functions as a decision area: it includes both a horizontal level ($135) and the trendline resistance (~$138). On the downside, $129–$125 is the key demand band mentioned in the source.

Indicators Snapshot

The source notes that SOL is trading below the 100-hourly simple moving average, which typically suggests the short-term trend remains pressured until price can reclaim that moving average. It also references hourly MACD losing momentum in the bearish zone, which can indicate selling pressure is easing, though not necessarily reversing. Hourly RSI is described as being below 50, a common threshold that often aligns with weaker near-term bullish control.

The analysis also references a 50% Fibonacci retracement level near $132 (measured from the $140 swing high to the $125 swing low). In plain terms, this area can act as a mid-point checkpoint: holding above it may help stabilize the rebound, while rejection around it can keep price action range-bound or heavy.

Scenarios (Next 24–72h)

• Bullish scenario: If SOL reclaims $135 and then breaks above the $138 trendline resistance, price could open room for a retest of $140. Further upside would likely need follow-through beyond $140, as that area previously capped the move.
• Base case: If SOL remains below $135–$138 while holding above $129–$125, price could continue consolidating in a defined range, with repeated tests of the mid-zone around $132–$135.
• Bearish scenario: If SOL loses $130 and follows through below $128, the $125 area becomes the key reference. A break below $125 could suggest the corrective move is extending, with downside risk increasing as prior support gives way.

Risk Notes

This analysis is for educational purposes only and does not constitute financial advice. Market conditions can change rapidly. Always conduct your own research and manage risk appropriately.

Sources

• https://www.newsbtc.com/analysis/solana-sol-recovery-at-risk-135/