Solana’s Price at $139: Can It Stabilize Beyond This Key Support Level?

• Amid ongoing challenges in the cryptocurrency landscape, Solana (SOL) is at a critical juncture as it tests the $139 support level.

• With fluctuating price trends and macroeconomic pressures, analysts are closely monitoring SOL’s ability to maintain this crucial threshold.

• “A failure to sustain above $139 may usher in significant price movements,” noted an analyst from COINOTAG, underscoring the level’s historical significance.

Solana (SOL) is at a pivotal $139 support level, with the potential for major fluctuations in its pricing trend depending on its ability to hold this position.

SOL at $139: A make-or-break level

Solana’s aggregated cost basis of $139 is more than just a psychological barrier—historical data suggests that it has been a defining level for trend shifts. In 2022, SOL hovered near this mark for five months. It struggled to maintain stability before eventually breaking below and entering a prolonged decline that only reversed in October 2023.

Source: Glassnode

The Glassnode data highlights this trend: sustained dips below this threshold have previously triggered extended bearish periods. At the same time, recoveries above it have led to stronger rallies. If SOL manages to hold above $139, it could serve as a foundation for accumulation and potential upside.

What happens if SOL falls below $139 again?

If SOL breaches $139, historical patterns suggest a heightened risk of extended downside momentum. In 2022, the breakdown below this level resulted in a deep correction that lasted nearly a year before Solana regained strength. The realized price indicator also showed that movements below $139 often coincided with prolonged consolidation or lower re-accumulation ranges.

Should SOL break below $139 again, key downside targets could emerge around $100 and $125—levels where prior buying activity resurfaced in late 2023. A sustained drop below $139 could also shake investor confidence, potentially triggering cascading liquidations. For Solana to avoid repeating the 2022 downtrend, bulls must step in aggressively at this critical support level.

Can SOL stabilize, or will it tumble again?

Solana has already slipped below $139, trading at $131.54, raising concerns about further downside. Technical indicators suggest weakness: the RSI was at 24.98, deep in the oversold zone. While this hints at potential short-term relief, it also signals extreme bearish pressure.

Additionally, the 50-day and 200-day SMAs at $201.55 and $183.94 showed that SOL was trading far below key trend indicators, reinforcing the long-term bearish outlook.

Source: TradingView

A failure to reclaim $139 soon could open the door for further declines, with $125 and $100 as possible next support levels. However, if buying volume picks up at these levels, SOL could attempt a rebound. For now, sentiment remains fragile, and bulls face an uphill battle.

Conclusion

In summary, Solana’s journey at the $139 mark underscores a significant point in its trading history. The ability to maintain above this level will be crucial in determining its next steps, whether toward recovery or additional decline. Investors should remain vigilant and watch for signs of strength or weakness, as the coming days could set the tone for Solana’s trajectory.