Peter Smith
Solana (SOL) just blew its shot at a golden cross breakout, and now it's looking pretty rough below key levels with traders eyeing that $125 support zone.
Well, that didn't go as planned. Solana was supposed to deliver one of those sweet golden cross setups that crypto traders absolutely love, but instead, it's left everyone wondering what went wrong. The 50-day moving average was supposed to cross above the 200-day like a champ, signaling good times ahead. But nope, SOL had other plans.
The whole thing started looking promising back in early June when those moving averages were getting cozy with each other. For a hot minute there, it seemed like Solana might actually pull off this textbook bullish move. But then reality hit hard. The 50 EMA just couldn't muscle its way above the 200 EMA with any real conviction. Instead of the clean breakout everyone was hoping for, we got this awkward dance where the lines barely touched before going their separate ways again.
SOL Can't Catch a Break Below $150
Right now, Solana's stuck around $143 after trying to shake off last week's drop to $130. That $150 level turned into a brick wall that SOL just couldn't break through. Now it's sitting below every moving average that matters – the 26, 50, 100, and 200-day EMAs are all acting like resistance.
What's really telling is how quiet the trading volume has been. When a crypto can't even get decent volume during a potential breakout attempt, that's usually not a good sign. The lack of real buying pressure is obvious when you look at how SOL keeps failing to hold onto any gains.
SOL Outlook Remains Shaky
The RSI is hanging out in the low 40s, which is basically the technical way of saying "meh." The fact that SOL got rejected right around that 200 EMA level is pretty brutal. Without that golden cross story to get people excited, Solana's looking at some tough times ahead.
The $125 level is probably where most traders are watching for potential support, but even that's not guaranteed. What Solana really needs right now is either a major catalyst or just some time to build a proper base. Until then, it's probably smart to keep expectations in check and watch how it handles these lower levels.
Peter Smith
