Solana failed to stay above $86 and corrected gains. The SOL price is now below $84 and still at risk of more losses below $80.
- The SOL price started a downward correction below $86 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 $84 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend losses if it falls below the $80 zone.
Solana price drops further
Solana price failed to stay above $90 and started a downward correction just like Bitcoin and Ethereum. SOL fell below USD 88 and USD 86 and entered a bearish zone for the short term.
There was a move below the 61.8% Fib retracement level of the upwave from the $76.55 swing low to the $91.20 high. The price even tested the support at $80. Moreover, a bearish trendline is forming with resistance at $84 on the hourly chart of the SOL/USD pair.
Solana is now trading below $84 and the 100-hour moving average. On the upside, the price is facing resistance around the $83 level. The next major resistance is around the $84 level. The key resistance could be at $85.60. A successful close above the $85.60 resistance zone could set the pace for another steady rise. The next major resistance is $88. Any further gains could send the price towards the USD 92 level.
Lose more in SOL?
If SOL fails to rise above the $85 resistance, it could trigger another decline. Initial downside support is near the $80 zone and the 76.4% Fib retracement level of the upward wave from the $76.55 swing low to the $91.20 high. The first major support is near the $79 level.
A break below the $79 level could send the price towards the $76.50 support zone. If there is a close below the USD 76.50 support, the price could fall towards the USD 72 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 80 and USD 79.
Major resistance levels – $85 and $88.