Solana trades under pressure but key support and momentum levels still leave room for a rebound.
Notably, the broader crypto market remains under pressure after a sharp risk-off turn in November, with leading altcoins giving back a sizable portion of their prior gains. Intraday action is still choppy, but the bias across most large caps has tilted lower as traders react to fading upside momentum.
Solana’s latest performance underlines this mood. SOL is trading at $129.14, down about 0.6% on the day, with a 24-hour range between roughly $128.65 and $133.96. SOL now has a market capitalization of about $72 billion on more than $4.6 billion in daily volume.
Even so, the price has fallen around 9.2% over the past week and more than 33% in the last month. This environment is setting the stage for a closer look at its price structure, indicators, and key support zones.
On the 4-hour Solana chart from TradingView, the Fibonacci Retracement tool maps the latest downswing from about $144.65 to $121.65. Specifically, price has rebounded off that swing low but is now slipping again after failing to hold above the 0.382 and 0.5 retracement levels near $130.44 and $133.15.
Trading above $129, SOL sits just above the 0.236 level at $127.08, which is the next important support. A decisive break below it would expose the prior low near $121.65, while a recovery back over the 0.5 Fib would reopen the path toward the $136-$140 zone. Solana would need to surge by about 8.41% to reach $140 from the current $129.14.
The Relative Strength Index (RSI 14) is hovering around 44-45, slightly below the neutral 50 line, signaling a mild bearish bias but not yet oversold conditions. This reading suggests that sellers still have the upper hand after the recent bounce, yet there is room for momentum to extend in either direction.
If RSI slips toward 40 with price losing the 0.236 Fib, it will confirm a continuation of the downtrend. Conversely, a push above 60 on RSI alongside a reclaim of the 0.5 Fib would be an early sign that buyers are regaining control and that a stronger relief rally may be forming.
Elsewhere, latest liquidation data for Solana shows that leveraged traders have taken notable losses on both sides of the market, with long positions bearing most of the damage.
Specifically, the 4-hour window recorded about $2.57 million in liquidations, almost entirely made up of long positions (about $2.55 million). This shows how the recent downside price action has primarily punished overleveraged buyers.
The picture broadens over longer intervals but still favors long-side liquidations. In the last 12 hours, total liquidations stand near $7.88 million, of which about $6.21 million are longs and $1.67 million are shorts.
Across the full 24-hour period, roughly $11.19 million in Solana positions have been “rekt,” with longs accounting for around $6.83 million and shorts about $4.36 million. This mix suggests sharp swings are flushing out leverage in both directions, yet with a clear tilt toward long capitulation as price grinds lower.
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