Solana failed to settle above $102 and extended losses. SOL price is now consolidating losses below $95 and could struggle to kick off a recovery wave.
- The SOL price started a new decline below $100 and $95 against the US dollar.
- The price is now trading below $100 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $98 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could stage a recovery wave if the bulls defend $90 or $85.
Solana price drops further
Solana price failed to hold steady above $105 and started a new decline, just like Bitcoin and Ethereum. SOL fell below the USD 100 and USD 95 support levels.
The price gained bearish momentum below $92. A low was formed at $89, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $106 swing high to the $89 low.
Solana is now trading below $95 and the 100-hour moving average. On the upside, immediate resistance is around the $93 level. The next major resistance is near the $97 level or the 50% Fib retracement level of the downward move from the $106 swing high to the $89 low. There is also a major bearish trendline forming with resistance at $98 on the hourly chart of the SOL/USD pair.
The main resistance could be at $102. A successful close above the $102 resistance zone could set the pace for another steady rise. The next major resistance is $106. Any further gains could send the price towards the USD 112 level.
Lose more in SOL?
If SOL fails to rise above the USD 98 resistance, the price could continue to decline. The initial downside support is near the $90 zone. The first major support is near the $85 level.
A break below the $85 level could send the price towards the $82 support zone. If there is a close below the $82 support, the price could fall towards the $74 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 90 and USD 85.
Major resistance levels – $98 and $102.