Solana Price Eyes Key Support Level Amid 13% Weekly Decline

• At the time of writing, SOL is trading at $136.18, down 2.95% in the last 24 hours.
• If the price manages to go below $132 level, then it will likely test $127 support level.

The expected impetus of ‘Uptober’ has not yet materialized, despite investors’ clinging expectations for a positive surge going into 2025. After a short upswing in September, investors’ hopes were dashed as Bitcoin’s value plummeted to $60,000, causing altcoins to follow suit and leading to widespread market losses.

Cryptocurrency prices have been under increasing selling pressure as a result of heightened Middle Eastern tensions, notably the confrontation between Iran and Israel.

Severe Selling Pressure

Matthew Dixon, CEO of Evai and an analyst, has highlighted the market activity of Solana (SOL) in a price analysis. Dixon discussed his opinions on X, suggesting that Solana’s price may fall to $102, a reduction of 25% from its current levels. This forecast is based on technical indicators, such as Fibonacci retracement levels and falling market conditions.

Solana is confined to a parallel channel that is descending and has fallen below the channel’s typical bands. It seems that the price is going to test the lower support in the higher time frame, which is around $120, since the RSI is also producing another lower low.

At the time of writing, SOL is trading at $136.18, down 2.95% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 6.28%. The price has declined a whopping 13.15% in the last 7 days.

The price failed to clear above $160 level and have faced severe selling pressure ever since. If the price manages to go below $132 level, then it will likely test $127 support level. Breaking under this level, will likely see price testing $120 support level. However, if the bulls manage to pull the price above $143 level, then it will likely test $150 resistance level.