Solana failed to stay above $90 and corrected gains. The SOL price is now trading below $85 and could find bids near the $76 zone.
- The SOL price started a downward correction below $85 against the US dollar.
- The price is now trading below $82 and the 100-hour moving average.
- A bearish trendline is forming with resistance at $81 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend losses if it falls below the $76 zone.
Solana price starts downward correction
Solana’s price failed to cross $90 and started a downward correction, just like Bitcoin and Ethereum. SOL fell below USD 85 and USD 82 and entered a bearish zone for the short term.
There was a move below the 50% Fib retracement level of the upwave from the $67.40 swing low to the $89.72 high. Moreover, a bearish trendline is forming with resistance at $81 on the hourly chart of the SOL/USD pair.
Solana is now trading below $80 and the 100-hour moving average. On the upside, the price is facing resistance near the $81 level and the trendline. The next major resistance is near the $82.20 level. The main resistance could be at USD 85. A successful close above the $85 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 102 level.
Lose more in SOL?
If SOL fails to rise above the $82 resistance, it could trigger another decline. Initial downside support is near the $76 zone and the 61.8% Fib retracement level of the upward wave from the $67.40 swing low to the $89.72 high. The first major support is near the $72.50 level.
A break below the USD 72.50 level could send the price towards the USD 68 support zone. If there is a close below the $68 support, the price could fall towards the $60 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 76 and USD 72.50.
Major resistance levels – $81 and $85.