Solana News Today: SOL Slides Below $130, Underperforms Wider Crypto Market

Key TakeawaysSOL price declines below $130, underperforming the wider crypto marketTechnical breakdown below key Fibonacci and moving average levelsRisk-off sentiment as Bitcoin dominance rises to 59.25%Solana News shows Solana price falling more than 3% over the past 24 hours as technical weakness and market-wide risk aversion weighed on high-beta assets. The decline matters as SOL tests critical support amid extreme fear across digital assets. Solana Price Weakens After Technical RejectionSolana failed to hold above the 50% Fibonacci retracement at $134.14, triggering renewed downside pressure. SOL now trades below $128 and the 100-hour simple moving average, reinforcing short-term fragility.The price recently printed a local low near $121, before attempting a modest rebound. Immediate resistance remains heavy near $128 and $131, where a bearish trend line caps upside momentum. Technical Indicators Reflect Persistent Downside PressureMomentum indicators continue to signal stress. The RSI (7) at 27.57 highlights extreme oversold conditions, yet the MACD histogram at −0.051 confirms ongoing bearish momentum.Source: TradingViewAll major trend indicators sit above spot price. The EMA-10 at $130.12, EMA-50 at $146.22, and EMA-200 at $169.48 underline sustained selling pressure across short- and long-term horizons. Confidence in a quick reversal remains low without stronger confirmation. Risk-Off Sentiment Favors Bitcoin Over AltcoinsThe broader crypto market shed roughly $51B in 24 hours as investors reduced exposure to volatile assets. The Crypto Fear & Greed Index at 22 signals Extreme Fear, while Bitcoin dominance rose to 59.25%, reflecting defensive positioning.Source: CoinMarkerCapInstitutional flows reinforced this shift. Bitcoin ETFs recorded $457M in inflows, while Ethereum ETFs saw $22M in outflows, dragging correlated assets like SOL lower. SOL Outlook: Key Support Levels to WatchAttention will now center on the $122 and $120 support zones. A sustained break below these levels could expose SOL to deeper pullbacks toward $112 or $105.On the upside, analysts are watching whether Solana price can reclaim $130 and stabilize above near-term resistance. Until broader sentiment improves, Solana news remains tied to Bitcoin’s direction and overall risk appetite across digital assets.