Solana (SOL) Drops 1.44% to $105.55 as Bearish Momentum Builds

Solana (SOL) is currently experiencing a downturn, trading at $105.55, which marks a 1.44% decline for the day. This drop comes after a brief recovery attempt, where SOL faced resistance near the $108.72 level, which corresponds to the midline of the Bollinger Bands. This rejection indicates that the bullish momentum is waning and suggests a potential continuation of the recent downtrend.

Immediate support for SOL is now around $104.38, which is the lower Bollinger Band on the 1-hour timeframe. If the price breaks below this level, it could drive SOL toward the psychological support zone near $100. On the other hand, resistance is forming at $108.72, where previous attempts to break higher were firmly rejected. A move above this barrier would open the door toward $113–114, but such an outcome appears unlikely unless bullish volume increases.

The Bollinger Bands remain moderately wide, reflecting increased volatility. SOL’s price was recently rejected at the upper band and has now slipped below the midline, pointing to bearish control. The price action hugging the lower band indicates that bears are pressuring the price lower, which could trigger another leg down if buyers fail to step in soon.

The MACD (12,26) is flashing a short-term warning sign. After a brief bullish stint, the MACD line has crossed below the signal line, with a red histogram now forming around -0.40, and the MACD itself at -0.59. This bearish crossover suggests momentum is shifting in favor of the sellers and could lead to more downside pressure in the coming sessions.

Unless SOL can reclaim and hold above the $108.72 mark, the path of least resistance remains downward. Traders should keep an eye on the $104 support for any signs of a bounce. A breakdown below this level could prompt further losses toward $100 and possibly $96.