Solana failed to break above $84 and managed to limit most of the gains. SOL price is now consolidating losses above $78 and could continue to decline.
- The SOL price started a new decline below $82 and $81.20 against the US dollar.
- The price is now trading below $81.20 and the 100-hour moving average.
- A bearish trendline is forming with resistance at $82.00 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could stage a recovery wave if the bulls defend $78.80 or $78.00.
Solana price drops from $84
Solana price failed to hold steady above $83.20 and started a new decline, just like Bitcoin and Ethereum. SOL fell below the USD 82 and USD 81.50 levels.
The bears even pushed the price towards $80. A low was formed at $79.01, and the price is now consolidating losses. There was a break above the 38.2% Fib retracement level on the downward move from the $83.26 swing high to the $79.01 low.
Solana is now trading below $81.20 and the 100-hour moving average. On the upside, immediate resistance is near the $81.10 level or the 50% Fib retracement level of the downward move from the $83.26 swing high to the $79.01 low.
The next major resistance is near the $82.00 level. The key resistance could be at $82.80. A successful close above the $82.80 resistance zone could set the pace for another steady rise. The next major resistance is $84.50. Any further gains could send the price towards the USD 85 level.
Lose more in SOL?
If SOL fails to rise above the USD 82.00 resistance, the price could continue to decline. The initial downside support is near the $79 zone. The first major support is near the $78.00 level.
A break below the $78.00 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 $70 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 79.00 and USD 78.00.
Major resistance levels – $81.20 and $82.00.