- SOL faces resistance at $126-$128, with $130 as the next bullish breakout target.
- Support at $122 holds, but a drop below $120 may trigger further downside risks.
- Analysts predict a 5.70% SOL price rise in March 2025, targeting $137.12 highs.
Solana (SOL) continues to experience market fluctuations, with the price showing both upward and downward movements. The asset currently trades at $123.81, reflecting a 0.47% decline in the last 24 hours. This drop suggests a slight bearish trend, but the market remains highly volatile.
SOL previously touched a high above $126 before facing a correction, bringing it back to its current level. The price action indicates that traders are closely monitoring key support and resistance levels to determine the next significant move.
Key Support and Resistance Levels
Solana’s price has encountered resistance at the $126 to $128 range, where selling pressure has emerged. If the price breaks above this zone, the next major target is $130, a psychological level that could spark further bullish momentum. However, failure to sustain upward movement may lead to another retracement.
On the downside, SOL has demonstrated support around the $122 mark, where buyers have stepped in to prevent further losses. If the price dips below this level, the next critical support lies between $118 and $120. This range could act as a strong barrier against additional declines if selling pressure intensifies.
Technical Indicators and Market Sentiment
The Relative Strength Index (RSI) currently stands at 36.02, indicating that SOL is approaching oversold territory. This suggests that a potential price rebound may occur if buying momentum strengthens. However, continued weakness could lead to further downside movement.
The Moving Average Convergence Divergence (MACD) indicator also signals bearish sentiment. The MACD line remains at -15.67, while the signal line is at -15.03. This negative reading reflects ongoing downward momentum, indicating that sellers are still in control. A shift in market sentiment will be necessary to drive a sustained upward move.
March 2025 Price Outlook
Looking ahead, Coincodex analysts anticipate a price increase for Solana in March 2025. Projections suggest a 5.70% rise, with potential highs reaching $137.12.
The lower estimate stands at $122.14, while the average price could hover around $131.15. Despite recent market challenges, this forecast indicates a possible reversal from the asset’s previous 30-day decline of 39.59%.
