Solana has turned lower from a key resistance cluster near $144.30, according to a new technical analysis report, shifting near-term focus to the next major support at $120.00.
Resistance cluster capped the latest move
The report says the reversal started from a resistance zone built around several technical levels: the key resistance at $144.30, the upper daily Bollinger Band, and the 38.2% Fibonacci retracement of the downward impulse that began in October. On the daily chart, $144.30 also stands out because it previously acted as a strong support area in October before turning into resistance.
The move lower halted the prior short-term impulse wave 3. The report places that structure within the intermediate impulse wave (3) that has been developing since the middle of December, indicating that the latest upside sequence lost momentum at a technically heavy zone.
$120 identified as the next key support
Based on the strength of the $144.30 resistance level and the bearish tone seen across the crypto market on the day covered by the report, the author expects Solana to continue falling toward $120.00. That level previously stopped correction wave (2), which is why it is identified as the next important support on the chart.
If downside pressure continues, $120.00 becomes the main price area to watch in the short term. The source also states that the analysis reflects the author’s view only and should not be treated as investment advice or a recommendation for any specific action.