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Solana (SOL) has recently experienced an unfavorable price trend, failing to hold the 132 level, followed by a rapid decline, and is currently consolidating below 130. In the short term, if it breaks below 130, the price may continue to decline towards 120.
From a technical perspective, SOL has broken below 130 and 128, and is also below the 100-hour moving average, indicating a short-term bearish outlook. On the SOL/USD hourly chart, a downtrend line is forming, with resistance around 131. If the price rebounds and wants to continue higher, it needs to break through this resistance level.
The good news is that if the bulls can hold support around 122 or 120, SOL has the opportunity to initiate a short-term rebound.