Solana is trading near $124.3 after a volatile session that reversed a previous move toward $128. Market liquidity often thins into late December, and Solana mirrored this cautious tone. Market experts are now waiting to see whether buyers can defend the $124-$125 area during the consolidation.

Solana Price Rejects $128 and Returns to $124 Support

Solana’s 1-hour TradingView chart showed an early push for gains, but the rally stalled as it hit a wall of sell orders at the $128 resistance level. Price then rolled over and fell back into the mid-$124 range.

The decline arrived amid higher volume during the selloff, suggesting decisive selling. Price still avoided a sharp breakdown and held above the session low.

The cryptocurrency then moved sideways above its recent intraday lows, signaling hesitation rather than panic. A rebound attempt now needs traction above $126 and a clean retest of $128.

SOL Stays Below Moving Averages as RSI and AO Weaken

Solana remained below the 50-day simple moving average near $138.7 and the 200-day average near $169.4. These levels continued to cap rallies and preserve overhead resistance. Momentum readings also stayed subdued. The 14-day RSI hovered near 41.7 to 43.9, which kept it below the neutral 50 level.

On the 4-hour chart, the Awesome Oscillator stayed close to the zero line with small histogram bars. This setup aligned with range trading and limited follow-through after brief bounces. On the daily timeframe, SOL traded inside a descending channel and recorded lower highs. The former range between $124 and $126 now acts as resistance after repeated rejections. Traders often watch that band for a close above it, supported by stronger volume this week.

Solana Price Prediction: $120 Support, $116.5 Fibonacci, and Holiday Risk

The $124 region now acts as a short-term decision zone after several reactions in recent sessions. If buyers hold that level, price may attempt another move toward $126-$128.

If sellers force a sustained break under $124, traders will likely shift attention to $120 as the next support. A loss of $120 could open the path toward the Fibonacci level near $116.5.

Daily indicators continued to reflect selling pressure. The Money Flow Index printed near 17.1, while the DMI showed -DMI near 24.2, above +DMI near 13.5, with ADX near 24.2. Bulls would need a stronger reclaim of the 0.236 Fibonacci area near $149.2 to change the broader structure.

Analysts on X outlined different downside and upside markers into early 2026. Bitbull said SOL could sweep support and leave $90-$100 as a potential accumulation zone, while noting $160-$180 as a Q1 2026 target. Stefan B said Solana needs consolidation near the trendline and highlighted $78.14 as a potential buying area.

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