Solana price is testing a major support zone after a sharp drop, leaving participants watching closely to see whether a breakdown or short-term rebound comes next.
The Solana price has slipped into one of its most critical moments of the year, with the price now trading at levels not seen in months and sentiment growing increasingly cautious. After weeks of steady downside pressure, participants are watching SOL closely as it hovers above a major support zone that has historically triggered big moves in either direction.
Solana Price Drops to 5-Month Low
Solana price has now slipped to a fresh 5-month low, trading around $138, which places SOL right on top of a critical historical support band. The multi-month chart shows how price has been steadily grinding lower from the $210 to $220 peak, forming a clear sequence of lower highs and lower lows, signaling sustained weakness.
Solana current price is $138.57, up 0.33% in the last 24 hours. Source: Brave New Coin
The broader structure also shows price sitting well below its 200-day SMA, while volume has thinned considerably during the drop, typically a sign of fading buyer participation. If SOL Solana price loses the $135–$138 shelf, the next clean technical magnet appears near $120, where previous ranges consolidated before the breakout.
SOL Standing at a Pivotal Point
The chart Henry shared captures Solana exactly at a do-or-die support zone, where the entire mid-range has been tested multiple times across the year. The red support block around $134 to $140 is being stressed again, and the repeated tests show weakening absorption. But the zone hasn’t broken yet, creating a genuine pivot point.
Two scenarios emerge:
If buyers defend the zone, SOL could rebound towards $165–$175, where the next major supply block sits.
If the level finally breaks, price opens directly into the empty range beneath, with downside levels at $120, $105, and even $98 visible on the chart.
Everything now hinges on how SOL reacts to this support after its multi-day selloff. One impulse of news, as Henry noted, could decide the direction.
Solana price is now sitting on a heavily tested support zone between $134 and $140 as participants watch for a rebound or a clean breakdown towards the lower range. Source: Henry via X
Bullish Divergence Appearing on Lower Timeframes
Lower-timeframe structure has started flashing early signs of slowing bearish momentum. Umair’s chart shows double bullish divergences forming on the 4H RSI and also confirmed on the daily timeframe, even as price continues to push deeper into support.
Solana is showing early bullish divergences on both the 4H and daily RSI, hinting at fading bearish momentum despite price sitting near key support. Source: Crypto Umair via X
Price is currently hovering near $138, just under the 150.36 level that previously acted as a mid-range pivot. These bullish divergences often precede relief rallies, provided they don’t get invalidated with a sudden flush lower. If SOL holds above this region, a rotation into $150, then $168, becomes possible.
But if these divergences break and price closes decisively under $134, the expected squeeze to the downside could unfold rapidly, trapping early long positions.
TD Sequential Flashes a Buy Signal
A fresh TD Sequential “1” buy signal has now appeared on Solana’s chart, hinting at a potential short-term bottom forming after an extended sequence of consecutive red candles. This indicator typically appears near exhaustion points when selling momentum begins to fade.
Solana has printed a fresh TD Sequential “1” buy signal near the $138–$142 zone. Source: Ali Martinez via X
From the Ali Martinez chart, the cluster of small-bodied candles around $138 to $142 reinforces the idea of slowing downside pressure. If the TD setup plays out properly, Solana price could attempt a short-lived recovery towards $150 to $155 before facing any meaningful resistance. But like all counter-trend signals, it requires confirmation, especially while higher-timeframe structure remains fragile.
Final Thoughts
Solana sits at a critical juncture where multiple signals intersect: weakening structure on the macro chart, bullish divergences on lower timeframes, and a TD buy signal hinting at possible stabilization. The confluence of these signals suggests that Solana price is entering a decision zone rather than a continuation phase.
While deeper SOL levels like $120 and $105 remain open if support breaks, any sustained defense of $135 to $140 could quickly shift momentum back towards $160+. Participants will be watching for whether technical exhaustion turns into a meaningful bounce, or whether this becomes another breakdown in the broader downtrend.