Solana found support at $77 and corrected some losses. SOL price is now consolidating above $80 and could aim for a steady increase.
- SOL price started a decent recovery wave above USD 80 and USD 82 against the US dollar.
- The price is now trading above $80 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $80 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could continue to rise if it reaches $82.80 and $85.
Solana Price begins recovery
Solana price remained stable and started a decent recovery wave from $77, like Bitcoin and Ethereum. SOL was able to climb above the USD 80 level.
There was a move above the 50% Fib retracement level of the downward move from the $86.63 swing high to the $76.70 low. Additionally, there was a break above a key bearish trendline with resistance at $80 on the hourly chart of the SOL/USD pair.
However, the bears are active around $82.80. Solana is now trading above $80 and the 100-hour moving average. On the upside, immediate resistance is near the $82.80 level or the 61.8% Fib retracement level of the downward move from the $86.63 swing high to the $76.70 low.
The next major resistance is around the $85 level. The key 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 $95. Any further gains could send the price towards the USD 102 level.
Another drop in the SOL?
If SOL fails to rise above the resistance at $82.80, the price could continue to decline. The initial downside support is near the $80 zone. The first major support is near the $77 level.
A break below the $77 level could send the price towards the $75 support zone. If there is a close below the $75 support, the price could fall towards the $66 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 80.00 and USD 77.00.
Major resistance levels – $82.80 and $85.00.