Solana is hovering near one of its weakest levels in months, after sliding roughly 7.5% over the past week. While it has edged up slightly in the last 24 hours, the broader structure still looks heavy. Price action is now centered around the $120 zone, an area that has repeatedly acted as a support level in the past.
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Testing the April’s Low Zone
SOL briefly dipped below $120 earlier today before bouncing back, showing that buyers are still reacting to this range. The token is now sitting close to the lower Bollinger Band, which often marks periods where selling has stretched too far in the short term. At the same time, the price remains boxed between the 100% Fibonacci retracement around $117 and the next key resistance at the 78.6% level near $136.
This creates a narrow window where SOL is holding support, but without much confirmation that a stronger recovery is already underway. A clean break below $117 would weaken the structure and suggest that the market is still searching for a new floor.
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Momentum Improves, But Signals Stay Cautious
Momentum indicators are starting to lift off their lows, which supports the idea of a short-term relief move. RSI(14) has risen from 33 to 40, while RSI(7) recovered from 21 to 37. This kind of RSI behavior usually points to easing selling pressure, but it still falls short of confirming a full trend reversal.
For a clearer shift, SOL would need to hold above support while pushing back toward $136. That level stands out as the next major technical test, and it would likely take steady follow-through buying to reach it. If the bounce fades quickly and price slips back under $120, the risk of another retest of $117 increases.
