- Solana weakens as selling pressure grows and key support levels face risk
- Analyst warns $119 support may fail amid rising downside momentum
- Repeated rejection near $145 shifts Solana outlook toward deeper losses
Solana’s price continues to weaken as selling pressure builds across the wider crypto market, keeping the asset firmly in the red amid reduced risk appetite among short-term traders. Price action now suggests that downside risks outweigh recovery attempts in the near term.
According to crypto analyst Ali Martinez, Solana shows signs of an extended corrective phase, as on-chain activity points to growing downside pressure for SOL. This development has raised concerns about a potential retest of lower support levels.
After surging toward $144.62 during a recent rally, Solana met heavy resistance, with repeated rejections triggering increased profit-taking and fresh sell orders. Consequently, bullish momentum faded faster than many traders anticipated.
Moreover, the price slipped below the intermediate support around $131.45, a breakdown that accelerated losses and pushed SOL closer to the $127 range. Trading volumes during the decline suggest limited dip-buying interest so far.
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$119 emerges as critical support level
According to Martinez, market focus has now shifted toward the $119 zone, which previously acted as a strong demand region for buyers. Historical accumulation around $119 helped prevent sharper declines during earlier pullbacks. Additionally, wallet activity indicates that long-term holders became active near that price, a pattern that often signals strategic accumulation rather than short-term speculation. Hence, many traders now view $119 as a decisive level for Solana’s price structure.
However, the analyst warned that losing this support could open the door to deeper losses, as a sustained move below $119 may weaken confidence and trigger further liquidations. Such a breakdown could force SOL to search for new demand at lower price zones. Besides technical factors, broader market conditions continue to influence sentiment, with major cryptocurrencies pulling back after a strong earlier rally. This pattern suggests the current drawdown may reflect a wider corrective phase.
Significantly, the correction followed a period of aggressive upside movement, as retracements often reset overheated indicators and cool speculative positioning. Still, continued selling pressure keeps downside risks firmly in focus. Market participants now monitor whether buyers will defend $119 if tested again, as a successful hold could stabilize price action and reduce immediate downside fears. Failure to do so may reinforce the analyst’s warning of extended weakness.
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