Solana (SOL) Recovery companies, bulls are preparing for a stronger upward momentum

Solana found support at $85 and corrected some of its losses. The SOL price is currently consolidating above $90 and may look to continue to rise.

The SOL price has started a decent rally above $88 and $90 against the US dollar.
The price is currently above $90 and the 100-hour elementary moving average.
On the hourly chart, the SOL/USD pair broke above the key bearish trend line with resistance at $88 (data source Kraken).
The price may continue to rise if it reaches $92.80 and $95.

Eye Recovery Solana Price

Solana price remained stable and started a decent recovery wave from $85, similar to Bitcoin and Ethereum. SOL was able to climb above the $90 level.

There has been a move above the 50% Fib retracement level as part of a move down from a high of $97.67 to a low of $85.10. Additionally, there was a break above the key bearish trend line with resistance at $88 on the hourly chart of the SOL/USD pair.

However, bears are lively near $92.00. Solana is currently trading above $90 and the 100-hour elementary moving average. On the other hand, immediate resistance is located near the $92.20 level. The next major resistance is located near the $92.80 level or the 61.8% Fib retracement level resulting from a downward move from a high of $97.67 to a low of $85.10.

The main resistance could be $95. A successful close above the $95 resistance zone could set the pace for further sustained growth. The next key resistance is $102. Any further gains could push the price towards the $112 level.

Another SOL decline?

If SOL fails to break above the resistance at $92.80, it may continue to decline. Initial downside support is located near the $88.40 zone. The first major support is near the $85 level.

A break below the $85 level could push the price towards the $82 support zone. If a close occurs below the support at $82, the price may fall towards the $75 zone in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major support levels – $92.80 and $95.00.

Major resistance levels – $88.40 and $85.00.