Solana found support at $82.50 and corrected some of its losses. The SOL price is currently consolidating above $85 and may look to continue to rise.

• The SOL price has started a decent rally above $84 and $85 against the US dollar.
• The price is currently above $85 and the 100-hour plain moving average.
• A bullish trend line is forming on the hourly chart of the SOL/USD pair with support at USD 85.00 (data source from Kraken).
• The price may continue to rise if it reaches the $85.80 and $88.00 levels.

Solana Cena begins recovery

Solana price remained stable and started a decent rally from $82.50, similar to Bitcoin and Ethereum. SOL was able to climb above the $85 level.

There has been a move above the 50% Fib retracement level as part of a move down from a high of $87.74 to a low of $82.74. Additionally, a bullish trend line is forming on the hourly chart of the SOL/USD pair with support at USD 85.00.

However, bears are lively near $85.80 and the 61.8% Fib retracement level, which represents a downward move from the high of $87.74 to the low of $82.74. Solana is currently trading above $85 and the 100-hour plain moving average.

On the other hand, immediate resistance is located near the $85.80 level. The next major resistance is near the $86.50 level. The main resistance may be at $88. A successful close above the $88 resistance zone could set the pace for further sustained growth. The next key resistance is $95. Any further gains could push the price towards the $102 level.

Another SOL decline?

If SOL fails to break above the resistance at $85.80, it may continue to decline. Initial downside support is near the $85 zone. The first major support is located near the $84 level.

A break below the $84 level could push the price towards the $82.50 support zone. If a close occurs below the support at $82.50, the price could drop towards the $77 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 – $84.00 and $82.50.

Major resistance levels – $85.80 and $88.00.