Solana found support at $82.50 and corrected some losses. The SOL price is now consolidating above $85 and could aim for a steady increase.
- SOL price started a decent recovery wave above USD 84 and USD 85 against the US dollar.
- The price is now trading above $85 and the 100-hour moving average.
- A bullish trendline is forming with support at $85.00 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could continue to rise if it reaches $85.80 and $88.00.
Solana Price begins recovery
Solana price remained stable and started a decent recovery wave from $82.50, just like Bitcoin and Ethereum. SOL was able to climb above the USD 85 level.
There was a move above the 50% Fib retracement level of the downward move from the $87.74 swing high to the $82.74 low. Moreover, a bullish trendline is forming with support at $85.00 on the hourly chart of the SOL/USD pair.
However, the bears are active near $85.80 and the 61.8% Fib retracement level of the downward move from the $87.74 swing high to the $82.74 low. Solana is now trading above $85 and the 100-hour moving average.
On the upside, immediate resistance is around the $85.80 level. The next major resistance is around the $86.50 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 $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 $85.80, the price could continue to decline. The initial downside support is near the $85 zone. The first major support is near the $84 level.
A break below the $84 level could send the price towards the $82.50 support zone. If there is a close below the $82.50 support, the price could fall towards the $77 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 84.00 and USD 82.50.
Major resistance levels – $85.80 and $88.00.