Solana failed to meet above $90 and stayed within a range. SOL price is now facing hurdles near $90-$92 and could drop below $80 again.
- The SOL price started a decent recovery wave above USD 75 and USD 80 against the US dollar.
- The price is now trading above $85 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $88 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could continue to rise if it reaches $88 and $92.
Solana Price faces resistance
Solana price remained stable and started a decent recovery wave from $68, like Bitcoin and Ethereum. SOL was able to climb above the USD 75 level.
There was a move above the 50% Fib retracement level of the downward move from the $106 swing high to the $68 low. However, the bears are active below $90. There is also a major bearish trendline forming with resistance at $88 on the hourly chart of the SOL/USD pair.
Solana is now trading above $80 and the 100-hour moving average. On the upside, immediate resistance is near the $88 level and trendline.
The next major resistance is near the $92 level and the 61.8% Fib retracement level of the downward move from the $106 swing high to the $68 low. The key resistance could be at $95. A successful close above the $95 resistance zone could set the pace for another steady rise. The next major resistance is $102. Any further gains could send the price towards the USD 112 level.
Another drop in the SOL?
If SOL fails to rise above the USD 92 resistance, the price could continue to decline. The initial downside support is near the $84 zone. The first major support is near the $80 level.
A break below the $80 level could send the price towards the $72 support zone. If there is a close below the $72 support, the price could fall towards the $68 zone in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 84 and USD 80.
Major resistance levels – $88 and $92.