SOL Crashes Below $130, Is $120 the Next Stop?

Key Insights:

• SOL breaks $130 support with rising volume; RSI and MACD confirm continued short-term selling pressure.
• Price now tests the $120–$125 support zone, a key level defended during previous market dips.
• The mid-term ascending channel is still valid; the lower sub-zone may offer a base if momentum shifts upward.

Solana (SOL) has dropped below the $130 support level and was now trading around $124.48. The move came with increased selling pressure and high trading volume, which topped $6.18 billion in the last 24 hours. SOL has declined over 10% on the day and is down more than 5% over the past week.

The breakdown places SOL at a key level between $120 and $125 — an area that has provided support during previous market dips. The current price action is being closely watched to see whether this range holds or gives way to further losses.

Bearish Signals Show in Short-Term Charts

Short-term momentum remains weak. The 5, 10, and 20-hour moving averages are all trending lower and positioned in a bearish sequence. Price is sitting beneath all three, confirming near-term pressure from sellers.

The RSI has fallen below 30, putting the asset in oversold territory. While this often leads to a short-term bounce, there are no reversal signals confirmed yet. The MACD shows a bearish crossover with growing negative bars, pointing to continued downside momentum for now.

Price Tests Key Support Around $125

Analyst Martini Guy B posted, “$SOL needs to break $144 for a potential reversal towards $150–$155. If rejected we could see further downside to $120–$110.” For now, SOL remains well below the $144 level, keeping the focus on support near $120.

The RSI on the 4-hour chart sits around 36, approaching oversold conditions. The MACD is starting to flatten, suggesting that the pace of the decline may be slowing, though a shift in direction has not yet formed.

Mid-Term Channel Still in Play

Despite the short-term breakdown, the mid-term structure has not changed. Trader Tardigrade shared that SOL continues to trade within a rising channel that began in May 2022.

 He wrote, 

“It is currently in the lowest sub-channel zone… an upward momentum trigger could push it above $1,500.”

The lower boundary of this channel has acted as support several times before. Price is once again near that area, and the structure remains intact unless that level breaks.

Sentiment Weakens as Volume Spikes

The latest sell-off has brought more attention to SOL, now one of the most mentioned tickers on crypto platforms. 

gemxbt reported, 

“$SOL is experiencing strong downward momentum… breaking below the $130 support level.”

With price sitting near a major decision point, traders are watching to see if buyers return. If support holds, a short-term bounce is possible. If it fails, lower targets between $120 and $110 remain in focus.