Solana's Price Drops 6.8% in March, Consolidates Below $126

Solana (SOL) has recently experienced a decline, with its price dropping below the $132 support zone. The cryptocurrency is now consolidating and facing challenges in recovering above the $126 resistance level. This consolidation follows a significant drop of over 6% in the past week, with Solana trading below $150 since March 6. The bearish trend is evident, and analysts suggest that if the price falls below $125, further losses could follow. The key support zone at $125 is crucial for Solana's momentum, as a break below this level could signal additional downside.

The recent decline in Solana's price has been attributed to broader market volatility and the cryptocurrency's role in powering around-the-clock internet capital markets. Despite strong fundamentals, the price pressure on Solana is building. Analysts highlight the importance of holding the $125 support zone to prevent further losses. The current trend indicates clear bearish signals, and the market is watching closely to see if Solana can hold this key level amid the broader market volatility.

Solana's price has been particularly volatile in March, with a significant decline of 6.8% overall and a sharp fall of over 7% on March 28. This downturn has brought the price to its current levels, where it is consolidating and struggling to find support. The bearish trend has been strengthening, and the market is awaiting a potential breakout or further downside. Analysts suggest that if Solana can hold above $125, it could signal a potential rebound toward higher levels. However, the current trend indicates that the price may continue to struggle in the near term.

The recent decline in Solana's price has been accompanied by a broader market trend of bearish sentiment. Other cryptocurrencies, such as Bitcoin and Ethereum, have also faced resistance zones and volatility. The market remains active, with traders watching for breakout levels and long-term holders staying patient. The current trend in Solana's price suggests that it may continue to consolidate in the near term, with the potential for further downside if the $125 support level is broken. However, if Solana can hold above this level, it could signal a potential rebound and a breakout to higher levels. The market is closely watching Solana's price action to determine the next direction for the cryptocurrency.

Solana price started a fresh decline below the $135 and $132 levels, like Bitcoin and Ethereum. SOL even declined below the $125 support level before the bulls appeared. A low was formed at $122.64 and the price recently started a consolidation phase. There was a minor increase above the $125 level. The price tested the 23.6% Fib retracement level of the downward move from the $140 swing high to the $122 low. Solana is now trading below $126 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $124 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near the $126 level. The next major resistance is near the $128 level. The main resistance could be $132 or the 50% Fib retracement level of the downward move from the $140 swing high to the $122 low. A successful close above the $132 resistance zone could set the pace for another steady increase. The next key resistance is $136. Any more gains might send the price toward the $142 level.

If SOL fails to rise above the $128 resistance, it could start another decline. Initial support on the downside is near the $124 zone. The first major support is near the $122 level. A break below the $122 level might send the price toward the $115 zone. If there is a close below the $115 support, the price could decline toward the $102 support in the near term. The hourly MACD for SOL/USD is losing pace in the bearish zone. The hourly RSI for SOL/USD is above the 50 level. Major support levels are $124 and $122. Major resistance levels are $128 and $132.