Solana failed to settle above $90 and corrected most of the gains. SOL price is now consolidating losses above $85 and could attempt another increase.
- The SOL price started a new decline below USD 88 and USD 87 against the US dollar.
- The price is now trading near $86 and the 100-hourly moving average.
- A bullish trendline is forming with support at $85.50 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could trigger a recovery wave if the bulls defend $85.50 or $85.
Solana price drops from $90
Solana price did not remain stable above $90 and started a new decline, unlike Bitcoin and Ethereum. SOL fell below the USD 88 and USD 87 levels.
The bears even pushed the price towards $85. A low was formed at $85.55, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $89.34 swing high to the $85.55 low.
Solana is now trading near $86 and the 100-hour moving average. Moreover, a bullish trendline is forming with support at $85.50 on the hourly chart of the SOL/USD pair.
On the upside, immediate resistance is around the $87 level. The next major resistance is near the $87.80 level or the 61.8% Fib retracement level of the downward move from the $89.34 swing high to the $85.55 low. The key resistance could be at $88.80. A successful close above the $88.80 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 92 level.
Lose more in SOL?
If SOL fails to rise above the resistance at $87.80, the price could continue to decline. The initial downside support is near the $85.50 zone. The first major support is near the $84 level.
A break below the $84 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 $80 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 85.50 and USD 84.00.
Major resistance levels – $87.80 and $88.80.