Solana failed to settle above $90 and cut off some gains. SOL price is now consolidating above $85 and showing some bearish signs.
- The SOL price started a decent recovery wave above $82 and $85 against the US dollar.
- The price is now trading above $85 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $85.50 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could continue to rise if it reaches $88 and $90.
Solana Price attempts recovery
Solana price remained stable and started a decent recovery wave above $82, just like Bitcoin and Ethereum. SOL was able to climb above the USD 85 level.
There was a move above the 50% Fib retracement level of the downward move from the $94.10 swing high to the $80.29 low. Additionally, there was a break above a key bearish trendline with resistance at $85.50 on the hourly chart of the SOL/USD pair.
However, the bears are active near $88.80 and the 61.8% Fib retracement level of the downward move from the $94.10 swing high to the $80.29 low. Solana is now trading above $85 and the 100-hour moving average.
On the upside, immediate resistance is around the $87.20 level. The next major resistance is near the $88.80 level. The main resistance could be at $90. A successful close above the $90 resistance zone could set the pace for another steady rise. The next major resistance is $95. Any further gains could send the price towards the USD 102 level.
Another drop in the SOL?
If SOL fails to rise above the resistance at $88.80, the price could continue to decline. The initial downside support is near the $84.50 zone. The first major support is near the $82.50 level.
A break below the USD 82.50 level could send the price towards the USD 80 support zone. If there is a close below the $80 support, the price could fall towards the $74 zone 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 84.50 and USD 82.50.
Major resistance levels – $88.80 and $90.