Solana Price Faces Bearish Momentum, Hovers Around $117-$120

Solana (SOL) is currently in a critical phase, with its price hovering around the $117–$120 zone after weeks of downward pressure. Traders are debating whether the price has bottomed out or if further declines are imminent. Analyzing the daily and hourly chart setups, key indicators such as moving averages, the Accumulation/Distribution Line (ADL), and trend dynamics provide insights into the potential future movements of Solana.

On the daily timeframe, Solana is firmly in a downtrend, with Heikin Ashi candles confirming persistent bearish momentum. The price has broken below all major moving averages (20, 50, 100, and 200 SMA), indicating that sellers still dominate the market. The 200 SMA, around $182, has acted as a macro resistance, while the 50 SMA and 100 SMA have turned into resistance zones. The MA ribbon compression above current price levels suggests that Solana needs to overcome significant resistance if bulls want to regain control. Until a breakout above these levels occurs, any bounce is likely to face selling pressure.

The ADL is showing a marked decline, indicating distribution rather than accumulation. This suggests that even during recent relief rallies, smart money has been offloading positions, confirming the bearish outlook unless a reversal pattern accompanied by a rising ADL is witnessed.

Zooming into the 1-hour chart, the situation looks equally bearish but more nuanced. SOL price attempted to break out on April 4–5, reaching intraday highs near $127. However, this breakout failed near the 200 SMA on the hourly chart, cementing it as a dynamic resistance. Since then, the price fell sharply to $117, with strong red Heikin Ashi candles returning and breaking below short-term SMAs. The 20 SMA ($121.19) has crossed below the 50 SMA ($121.40), another bearish sign indicating downward momentum in the short term. The hourly ADL is flat to declining, indicating little to no accumulation happening at these levels despite volatility, and that buyers are reluctant to step in until stronger support is confirmed.

Immediate support lies near $116, the current local low. A break below this could send SOL price toward psychological and technical support around $110 and even $100, levels that have acted as previous bounce zones. On the upside, bulls need to reclaim $121–$123 (50 and 100 SMA on hourly) before even thinking about retesting $130. The real battle zone is around $140–$145, where daily SMAs converge and could invalidate the broader downtrend if broken with volume.

Although the RSI wasn’t directly visible in the chart, the Heikin Ashi structure, volume weakness, and falling ADL collectively suggest that SOL price isn’t yet oversold enough to justify a strong reversal. The market seems to be lacking a bullish catalyst, both fundamentally and technically, to push back against prevailing selling pressure. Any short-term bullish divergence would need confirmation from rising ADL, long-tailed Heikin Ashi candles, or a MACD crossover, none of which are currently apparent.

In the short term (next 48–72 hours), expect high volatility. If $116 fails, $110 could be tested fast. However, if bulls defend $116 and push back above $123, there’s room for a bounce toward $130–$135. Momentum indicators need to support that view, and volume must rise. In the long term (next 30 days), unless Solana price breaks above the $140–$145 resistance zone on the daily chart with a clear reclaim of the 100 and 200 SMA, the long-term bias remains bearish. If support around $100 fails in the coming weeks, Solana could revisit $88–$90, last seen in Q4 2024.

Solana price is not in an ideal buy zone for swing traders just yet, as technicals point to a bearish continuation unless a clear reversal structure emerges. Short-term traders may find quick opportunities near the $116–$120 range but should manage risk aggressively. Until Solana price reclaims key moving averages and shows bullish accumulation on the ADL, it’s better to stay cautious. But once $130 is broken with strength, the bulls could finally have their moment.