Solana (SOL) Crashes Back To $112, A Level That Could Decide Everything

Solana's price has fallen below the $125 mark, extending its losses. The SOL token is now consolidating its losses below the $120 level. It has experienced a fresh decline below both $120 and $115 against the US Dollar. Currently, SOL is trading beneath $120 and the 100-hourly simple moving average. A bearish trend line has formed, presenting resistance at $116 on the SOL/USD hourly chart. For a recovery wave to begin, bulls must defend the support levels at $112 or $105. Solana's price dropped after failing to hold above $125, similar to Bitcoin and Ethereum. Following its decline below $120, a low was reached at $112, and the price is now consolidating. Immediate upside resistance is observed near the $116 level, coinciding with the bearish trend line. A sustained move above the $122 resistance zone is needed to initiate a steady increase, with $125 serving as the next key resistance. Failure to overcome the $116 resistance could lead to further downward movement toward the $112 and potentially the $105 support levels.