Solana found support at $81.40 and corrected some losses. The SOL price is now consolidating above USD 83.50 and could aim for a steady increase.
- SOL price started a decent recovery wave above USD 82 and USD 83.50 against the US dollar.
- The price is now trading near $84 and the 100-hour moving average.
- There was a break above a bearish trendline with resistance at $83.45 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to rise if it reaches $84.50 and $85.00.
Solana Price begins recovery
Solana price remained stable and started a decent recovery wave from $81.40, just like Bitcoin and Ethereum. SOL was able to climb above the USD 82.50 level.
There was a move above the 50% Fib retracement level of the downward move from the $85.48 swing high to the $81.40 low. Additionally, there was a break above a bearish trendline with resistance at $83.45 on the hourly chart of the SOL/USD pair.
However, the bears are active below $85.00 and the 76.4% Fib retracement level of the downward move from the $85.48 swing high to the $81.40 low. Solana is now trading near $84 and the 100-hour moving average.
On the upside, immediate resistance is around the $84.50 level. The next major resistance is around the $85.50 level. The main resistance could be at $87. A successful close above the $87 resistance zone could set the pace for another steady rise. The next major resistance is $92. Any further gains could send the price towards the USD 102 level.
Another drop in the SOL?
If SOL fails to rise above the USD 85.50 resistance, the price could continue to decline. The initial downside support is near the $83.45 zone. The first major support is near the $82.50 level.
A break below the $82.50 level could send the price towards the $81.40 support zone. If there is a close below the USD 81.40 support, the price could drop towards the USD 77 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 82.50 and USD 81.40.
Major resistance levels – $84.50 and $85.50.