Solana failed to reach above $90 and deepened its losses. The SOL price is currently consolidating losses below $85 and may struggle to start a recovery wave.
- The SOL price began a fresh decline below $88 and $85 against the US dollar.
- The price is currently below $85 and the 100-hour elementary moving average.
- A bearish trend line is forming on the hourly chart of the SOL/USD pair with resistance at USD 85.50 (data source from Kraken).
- The price could start a recovery wave if the bulls defend $82 or $80.
Solana’s price drops below $85
Solana’s price failed to stay stable above $90 and began a fresh decline, similar to Bitcoin and Ethereum. SOL fell below the $88 and $86 levels.
The bears even raised the price to $82. The low formed at $82.92 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from the high of $90.75 to the low of $82.92.
Solana is currently trading below $86 and the 100-hour elementary moving average. On the other hand, immediate resistance is located near the $85 level. A bearish trend line is also forming on the hourly chart of the SOL/USD pair with resistance at $85.50.
The next major resistance is located near the $86.80 level or the 50% Fib retracement level in a move down from the $90.75 high to the $82.92 low. The main resistance could be $88. A successful close above the $88 resistance zone could set the pace for further sustained growth. The next key resistance is $90. Any further gains could push the price towards the $92 level.
More losses in SOL?
If SOL fails to break above the resistance at $86.80, it may continue to decline. Initial downside support is located near the $82.80 zone. The first major support is located near the $82 level.
A break below the $82 level could push the price towards the $80 support zone. If a close occurs below the $80 support, the price could drop towards the $76 support in the near future.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining momentum in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – $82 and $80.
Major resistance levels – $86.80 and $88.00.
