Solana found support at $85 and corrected some losses. SOL price is now consolidating above $90 and could aim for a steady increase.
- The SOL price started a decent recovery wave above $88 and $90 against the US dollar.
- The price is now trading above $90 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $88 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could continue to rise if it reaches USD 92.80 and USD 95.
Solana Price Eye Restoration
Solana price remained stable and started a decent recovery wave from $85, like Bitcoin and Ethereum. SOL was able to climb above the USD 90 level.
There was a move above the 50% Fib retracement level of the downward move from the $97.67 swing high to the $85.10 low. Additionally, there was a break above a key bearish trendline with resistance at $88 on the hourly chart of the SOL/USD pair.
However, the bears are active around $92.00. Solana is now trading above $90 and the 100-hour moving average. On the upside, immediate resistance is around the $92.20 level. The next major resistance is near the $92.80 level or the 61.8% Fib retracement level of the downward move from the $97.67 swing high to the $85.10 low.
The key resistance could be at $95. A successful close above the $95 resistance zone could set the pace for another steady rise. The next major resistance is $102. Any further gains could send the price towards the USD 112 level.
Another drop in the SOL?
If SOL fails to rise above the resistance at $92.80, the price could continue to decline. The initial downside support is near the $88.40 zone. The first major support is near the $85 level.
A break below the $85 level could send the price towards the $82 support zone. If there is a close below the $82 support, the price could fall towards the $75 zone 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 92.80 and USD 95.00.
Major resistance levels – $88.40 and $85.00.