Solana price breaks below $120 as bearish momentum builds toward $110
Solana price breaks below $120 as bearish trend intensifies
Solana (SOL) extended its downward move on Thursday, breaking below the key $120 support zone as technical indicators across multiple timeframes flashed strong bearish signals. At the time of writing, SOL trades near $114.90, weighed down by rejection from a descending trendline and consistent failure to reclaim critical resistance levels between $126 and $130.
The bearish breakdown follows multiple failed attempts to regain upward momentum over the past two weeks. Price action shows a continued pattern of lower highs and lower lows from the March peak, with recent resistance near $120–$126 holding firm. The 4-hour exponential moving average (EMA) structure reinforces this bearish outlook, with all major EMAs — 20, 50, 100, and 200 — sloping downward. Price remains well below all four, particularly the 20 EMA ($120.73), which now acts as immediate resistance.
Solana price movement (March 2025 - April 2025) Source: TradingView.
Bearish signals dominate technical indicators
Momentum oscillators also suggest growing downside pressure. The Relative Strength Index (RSI) on the 4-hour chart has dropped to 36.02, while the MACD line at -3.40 has crossed below the signal line at -2.66. Both indicators reinforce a lack of buying conviction. The Ichimoku Cloud further confirms the bearish bias, as price trades below the Kumo cloud with a red, wide future cloud and Tenkan-Sen/Kijun-Sen above current price levels.
The Stochastic RSI sits in the oversold region but has yet to form a bullish crossover, indicating limited potential for a meaningful bounce. The daily chart adds more weight to the bearish narrative, with a bearish engulfing candle confirming strong rejection near the $130 mark and no signs of trend reversal.
Key levels to watch ahead
With the $120–$126 zone flipped into resistance, traders are eyeing the next support levels. A breakdown below $110 could lead to a test of the psychological $100 mark, especially as the volume profile shows little support between these zones. The last defense appears near $106–$108, beyond which further capitulation could follow if market sentiment continues to deteriorate.
As previously covered, Solana's price structure has remained fragile below descending trendlines. Our earlier reports emphasized the importance of reclaiming the $126–$130 zone to signal any real bullish shift. With momentum indicators leaning bearish and EMAs offering stiff resistance, the short-term trend continues to point downward.
