Solana started a new increase from the $83.50 zone. SOL price is now consolidating and could aim for more gains above the $85.50 zone.
- SOL price started a new upward move above the USD 83 and USD 84 levels against the US dollar.
- The price is now trading above $84 and the 100-hour moving average.
- A bullish trendline is forming with support at $83.80 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend gains if it breaks the $85.50 resistance zone.
Solana Price Eyes Key Upside Break
Solana price corrected gains from the $85.50 zone but remained stable above the $83 zone, just like Bitcoin and Ethereum. SOL bottomed near $83.20 and started a new upward move.
The price climbed above the USD 84 level and entered a positive short-term zone. It surpassed the 50% Fib retracement level of the downward move from the $85.85 swing high to the $83.27 low. Furthermore, a bullish trendline is forming with support at $84.00 on the hourly chart of the SOL/USD pair.
Solana is now trading above $84 and the 100-hour moving average. On the upside, the price is facing resistance near $85.20 and the 76.4% Fib retracement level of the downward move from the $85.85 swing high to the $83.27 low. The next major resistance is around the $85.50 level.
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 95 level.
Another drop in SOL?
If SOL fails to rise above the USD 85.50 resistance, it could trigger a fresh decline. The initial downside support is near the $83.80 zone and the trendline. The first major support is near the $82.50 level.
A break below the USD 82.50 level could send the price towards the USD 80 support zone. If there is a close below the $78 support, the price could fall towards the $72 support 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 83.80 and USD 82.50.
Major resistance levels – $85.50 and $88.00.