$118 Support, The Last Barricade Against Deeper Correction

Solana’s price action is flashing warning signs as bearish pressure intensifies, threatening to push the asset below the critical $125 support level. Despite previous recovery attempts, sellers remain dominant, preventing any meaningful upside momentum. 

If SOL fails to hold this key support, it could trigger a wave of panic selling, accelerating losses and exposing the price to deeper declines. With market sentiment hanging in the balance, all eyes are on whether bulls can stage a defense or if bears will finally break through, setting the stage for further downside.

Solana Ongoing Bearish Trend In Focus

The Solana price chart is currently displaying a bearish triangle formation, signaling a continuation of the downward trend. Initially, SOL attempted to break out above the upper boundary of the triangle, but the breakout lacked strong bullish momentum, leading to a swift rejection. This failure to sustain an upward move pushed the asset back toward the lower boundary of the triangle, where the $118 support level now comes into focus.

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With continued selling pressure, Solana could face an extended bearish move, breaking below its current key support level and accelerating its decline. A confirmed breakdown beneath the bearish triangle would lead to a drop toward $118, the first major support zone. However, if the bearish momentum intensifies, this level may not hold.

Below $118, the next significant support lies at $99, where some buyers could attempt to slow the decline. Should this level fail to provide stability, SOL could slide toward $79, a crucial psychological and technical support zone. 

Continued weakness in market sentiment may push the price even lower, with $58 coming into play. For now, bulls must step in to defend these levels, or Solana risks an extended bearish phase.

Can $118 Spark Up Bullish Again

The $118 support level has emerged as a critical zone for SOL, with many traders watching closely to see if it can trigger a bullish turnaround. Historically, this level has acted as a strong demand zone, where buyers stepped in to absorb selling pressure and push prices higher. If similar market behavior plays out, SOL could see a rebound from this point.

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According to CURB, in an X post on March 15, he forecasted that Solana’s price eyes decline to the $118 support level before experiencing a potential rebound. He believes that strong demand in this zone could trigger a significant price surge to the $1,000 mark in the long run.

Fundamental factors, such as positive news on Solana’s ecosystem, increased network adoption, or improved overall market sentiment, could also act as catalysts for a price recovery. A surge in buying volume, particularly from whales and institutional investors, is likely to provide the momentum needed to shift market sentiment.

Featured image from Adobe Stock, chart from Tradingview.com