Solana Tests Critical Support at $139, History Hangs in the Balance

Solana's price is currently testing a critical support level of $139, which has historically played a pivotal role in trend shifts. In 2022, Solana traded around this threshold for five months before breaking below it, leading to a prolonged downtrend that only reversed in October 2023. As Solana revisits this key level, analysts are closely watching whether it can maintain support above $139 or if history will repeat itself with another downward move.

If Solana fails to hold above this level, it could signal further corrections. In contrast, a successful hold may indicate potential for future growth. The aggregated cost basis of $139 is more than just a psychological barrier—historical data suggests that it has been a defining level for trend shifts. In 2022, SOL hovered near this mark for five months before eventually breaking below and entering a prolonged decline that only reversed in October 2023.

Glassnode data highlights this trend: sustained dips below this threshold have previously triggered extended bearish periods. At the same time, recoveries above it have led to stronger rallies. If SOL manages to hold above $139, it could serve as a foundation for accumulation and potential upside.

If SOL breaches $139, historical patterns suggest a heightened risk of extended downside momentum. In 2022, the breakdown below this level resulted in a deep correction that lasted nearly a year before Solana regained strength. The realized price indicator also showed that movements below $139 often coincided with prolonged consolidation or lower re-accumulation ranges. Should SOL break below $139 again, key downside targets could emerge around $100 and $125—levels where prior buying activity resurfaced in late 2023. A sustained drop below $139 could also shake investor confidence, potentially triggering cascading liquidations.

Solana has already slipped below $139, trading at $131.54, raising concerns about further downside. Technical indicators suggest weakness: the RSI was at 24.98, deep in the oversold zone. While this hints at potential short-term relief, it also signals extreme bearish pressure. Additionally, the 50-day and 200-day SMAs at $201.55 and $183