Solana (SOL) Price Risks to Go Below $150 

Recent Price Movement 

Things started looking up for Solana, given that only last week, it experienced a small rise above the $130 resistance zone. That said, this upward momentum has been short-lived. The price faced a rejection near the $140 mark and started to decline, similar to Bitcoin and Ethereum. 

The price couldn’t reach the 50% Fibonacci retracement level from the $162 swing high to the $120 low. Currently, it trades below $140 and the 50-day simple moving average. 

Key Support and Resistance Levels 

• Immediate Support: $130 

• Next Support: $125 

• Major Support: $120 

• Immediate Resistance: $135 

• First Major Resistance: $140 

• Key Resistance Trend Line: $142 

• Main Resistance: $146 

• Potential Higher Target: $162, $170, $180 

Price Outlook 

Right now, Solana is moving down and below the $135 level and is nearing the $130 support zone. If the price happens to fall below this zone, it could trigger more selling pressure. This might push the price further down to the $125 level. If it breaks bellow that, Solana could see heavy losses, possibly heading towards the $100 mark. 

Possible Recovery? 

On the other hand, there’s a chance for an upward move if Solana bounces back from the $130 level. Immediate resistance lies near $135, with a key resistance trend line around $142 on the daily chart. If the price successfully closes above $142 and then clears $146, a rally could follow. The next major target would be $162, and if momentum continues, the price might reach $170 or even $180.  

Upcoming Event: Breakpoint 2024 

Solana’s community is gearing up for Breakpoint 2024. This event gathers projects, teams, and individuals globally. The ticket sales for the event will close early on Tuesday, September 17th, at 12 a.m. UTC. This event could bring some attention to Solana, potentially affecting its price movement. 

Currently, Solana is struggling to stay above $135 and $140. A break below the $130 support could open the way to a test of $120 or even $100 in the near term. However, if the bulls manage to push the price above $142 and $146, a new upward trend could begin. The market is at a crucial point, and the next few days will be important in determining the direction of Solana’s price. 

Key Levels Recap 

Solana’s price action is currently in a delicate balance. If it fails to stay above key support levels, it could face significant declines. Conversely, breaking through resistance levels could lead to a substantial recovery.