Solana failed to settle above $92 and extended losses. SOL price is now consolidating losses below $90 and could struggle to kick off a recovery wave.
- The SOL price started a new decline below $90 and $88 against the US dollar.
- The price is now trading below $88 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 stage a recovery wave if the bulls defend $85 or $80.
Solana Price revisits $85
Solana price failed to hold steady above $92 and started a new decline, just like Bitcoin and Ethereum. SOL fell below the USD 90 and USD 88 support levels.
The price gained bearish momentum below USD 87.20. A low was formed at $85.10, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $90.81 swing high to the $85.10 low.
Solana is now trading below $88 and the 100-hour moving average. On the upside, immediate resistance is around the $88 level. There is also a major bearish trendline forming with resistance at $88 on the hourly chart of the SOL/USD pair.
The next major resistance is near the $88.60 level or the 61.8% Fib retracement level of the downward move from the $90.81 swing high to the $85.10 low. 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.
Lose more in SOL?
If SOL fails to rise above the USD 88 resistance, the price could continue to decline. The initial downside support is near the $85 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 $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 85 and USD 80.
Major resistance levels – $88 and $90.