Solana Tests $132 Support — Could a Relief Bounce Emerge?

Solana has pulled back to test critical support at $132.33, registering a modest 0.27% gain over 24 hours. The broader picture remains bearish, with the token down 10.74% over the past week, pushing its market capitalization to $73.36 billion.

According to DefiLlama, the network’s Total Value Locked declined to $8.902 billion, reflecting a 5.72% drop in 24 hours. Trading volume fell 26.7% during the same period, signaling reduced market participation rather than dip-buying activity.

Market-wide risk-off sentiment accelerated the downturn. Bitcoin dropped below $90,000 while exchange-traded fund outflows added downward pressure across altcoins. The total cryptocurrency market cap shed $72 billion in a single day, declining 2.4%.

Solana Whales Move Over $200 Million to Exchanges

On-chain data revealed significant whale activity on November 20. Forward Industries, a Nasdaq-listed firm with a large Solana treasury, recently transferred 1.44 million SOL (approximately $200 million) to Coinbase Prime.

Galaxy Digital unstaked 250,000 SOL worth $40.7 million last week. Lookonchain tracked over 100,791 SOL($14.13M) withdrawn from exchanges within 48 hours, creating persistent overhead supply.

A newly created wallet BRzF5F withdrew 100,791 SOL($14.13M) from #Binance, #Kraken, #Bybit, and #OKX over the past 8 hours.https://t.co/JA4qWaWCFJ pic.twitter.com/umo0q9HoQS

— Lookonchain (@lookonchain) November 19, 2025

Exchange inflows typically precede price declines as sell orders accumulate. Large holders capitalized on minor price bounces to exit positions, maintaining downward pressure on the token.

Meanwhile, Bitcoin dominance rose to 58.35% as traders rotated into cash and stablecoins. SOL’s 0.58% daily decline underperformed Ethereum’s 0.8% drop but outpaced Bitcoin’s 1.66% fall.

Crypto markets experienced $2 billion in weekly liquidations amid geopolitical tensions. Altcoins, like XRP, demonstrated particular vulnerability during the risk-off phase, with Solana reflecting broader market weakness.

SOL Tests Critical Support as RSI Signals Seller Exhaustion

The Relative Strength Index climbed from extreme oversold territory below 30, currently registering 34.23. This movement suggests seller exhaustion may be approaching, though bullish divergence remains absent.

SOL failed to sustain momentum above $144 resistance, retesting the $131 support level that triggered November’s early rally. The price trades below all key moving averages, with the 30-day simple moving average at $168.20.

A potential double-bottom pattern emerged at the $129-$131 range. Failure to hold this level could expose support zones at $120-$125, while breakdown below $131 may trigger algorithmic selling.

Cumulative Volume Delta trended downward throughout the decline, with no segments showing meaningful buyer initiative. The CVD curve pushed to fresh lows, confirming sellers maintained control while buyers avoided engagement.

Open Interest remained elevated initially but compressed as the downturn accelerated. The reduction signals long positions were unwound as the market rotated lower. Funding rates hovered slightly negative, indicating mild caution without aggressive short positioning.

An X user @the_real_CJ’s commentary noted Solana “looking bottomy” despite requiring completion of a death cross pattern. The analysis highlighted descending RSI trends, suggesting eventual upward breaks could materialize.

Another trader outlined bullish scenarios requiring holds at $145-$150 for breakouts above $165-$170, potentially enabling fast retests of $200-$220 levels.

SOL Trades in Confirmed Downtrend With Key Support at $130

SOL currently trades in a confirmed downtrend, declining approximately 41% from November peaks near $225. The asset tests critical support at $130-$133 with bearish momentum intact across indicators.

Immediate resistance sits at $144-$145, representing recent consolidation zones. Medium-term resistance extends to $175-$180, while major resistance occupies $200-$210, marking previous support turned resistance.

The MACD displays deep negative divergence at -13.19, with the MACD line at -0.81 and signal line at -14.00. No bullish crossover signals have emerged, maintaining strong bearish momentum.

Volume patterns show consistent selling pressure without capitulation spikes. Recent red volume bars dominate, indicating distribution rather than accumulation. The chart reveals lower highs and lower lows within a descending channel structure.

The $130 support test represents a critical juncture. A break below this level increases probability of acceleration toward $115-$120, with $100 serving as psychological support.

RSI oversold conditions may prompt short-term bounce opportunities. However, any relief rally faces immediate resistance at $144-$145, requiring strong volume confirmation and bullish reversal candles for trend change validation.

The technical structure remains bearish across timeframes. Traders monitor support holds, RSI divergence formation, MACD crossover potential, and volume patterns for reversal signals before establishing long positions.