Solana's SOL token has fallen to its lowest level since August, breaking below the upward trendline, representing the bull run from April lows.
The breakdown signals increasing bearish momentum, marked by the recent series lower highs and lows, and a renewed bearish MACD crossover.
The immediate support is seen at $155— the 61.8% Fibonacci retracement of the rally from $95 to $253— breach of which could lead to a next support around $129. A move back above $180, the 200-day SMA, is needed to invalidate the bearish trend.
SOL's daily chart. (TradingView)
