Solana failed to settle above $90 and extended losses. SOL price is now consolidating losses below $85 and could struggle to kick off a recovery wave.
- The SOL price started a new decline below USD 88 and USD 85 against the US dollar.
- The price is now trading below $85 and the 100-hour moving average.
- A bearish trendline is forming with resistance at $85.50 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could stage a recovery wave if the bulls defend $82 or $80.
Solana price drops below $85
Solana price failed to hold steady above $90 and started a new decline, just like Bitcoin and Ethereum. SOL fell below the USD 88 and USD 86 levels.
The bears even pushed the price towards $82. A low was formed at $82.92, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $90.75 swing high to the $82.92 low.
Solana is now trading below $86 and the 100-hour moving average. On the upside, immediate resistance is around the $85 level. A bearish trendline is also forming with resistance at $85.50 on the hourly chart of the SOL/USD pair.
The next major resistance is near the $86.80 level or the 50% Fib retracement level of the downward move from the $90.75 swing high to the $82.92 low. The main resistance could be at $88. A successful close above the $88 resistance zone could set the pace for another steady rise. The next major resistance is $90. Any further gains could send the price towards the USD 92 level.
Lose more in SOL?
If SOL fails to rise above the resistance at $86.80, the price could continue to decline. The initial downside support is near the $82.80 zone. The first major support is near the $82 level.
A break below the $82 level could send the price towards the $80 support zone. If there is a close below the $80 support, the price could fall towards the $76 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 82 and USD 80.
Major resistance levels – $86.80 and $88.00.