Solana failed to settle above $90 with heavy losses. The price of SOL now includes losses below $85 and it may struggle to start a recovery.
- The price of SOL started to fall below $88 and $85 against the US Dollar.
- The price is now sold under $ 85 and about 100-hour easy to move.
- There is a bearish line forming and rejecting $85.50 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price may start a recovery if bulls defend $82 or $80.
Solana Price Drops Below $85
The price of Solana failed to remain stable above $90 and began to decline, as Bitcoin and Ethereum. SOL dropped below the $88 and $86 levels.
The bears pushed the price to $82. Lows were made at $82.92, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $90.75 swing high to the $82.92 low.
Solana is now trading below $86 with a 100-hour simple moving average. Above that, the same resistance is near the $85 level. There is also a bearish line forming and rejecting $85.50 on the hourly chart of the SOL/USD pair.
The next major resistance is around the $86.80 level or the 50% Fib retracement level of the downward move from the $90.75 swing high to the $82.92 low. The biggest resistance would be $88. A successful close above the $88 resistance zone could trigger another sustained rally. The next resistance required is $90. Any further gains could send the price to the $92 level.
Too Much Loss in SOL?
If SOL fails to rise above the $86.80 resistance, it may continue to decline. Initial support is near the $82.80 zone. The first major support is near the $82 level.
A break below the $82 level could send the price to the $80 support area. If there is a close below the $80 support, the price may drop to the $76 support soon.
Technical Indicators
Hourly MACD – The MACD of SOL/USD is advancing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI of SOL/USD is below the 50 level.
Main Support Rates – $82 and $80.
Major Resistance Levels – $86.80 and $88.00.
