Solana (SOL) Rejected Near , Downtrend Threat Reappears


Solana failed to settle above $90 and trimmed some gains. SOL price is now consolidating above $85 and showing a few bearish signs.

  • SOL price started a decent recovery wave above $82 and $85 against the US Dollar.
  • The price is now trading above $85 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $85.50 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The price could continue to move up if it clears $88 and $90.

Solana Price Attempts Recovery

Solana price remained stable and started a decent recovery wave above $82, like Bitcoin and Ethereum. SOL was able to climb above the $85 level.

There was a move above the 50% Fib retracement level of the downward move from the $94.10 swing high to the $80.29 low. Besides, there was a break above a key bearish trend line with resistance at $85.50 on the hourly chart of the SOL/USD pair.

However, the bears are active near $88.80 and the 61.8% Fib retracement level of the downward move from the $94.10 swing high to the $80.29 low. Solana is now trading above $85 and the 100-hourly simple moving average.

On the upside, immediate resistance is near the $87.20 level. The next major resistance is near the $88.80 level. The main resistance could be $90. A successful close above the $90 resistance zone could set the pace for another steady increase. The next key resistance is $95. Any more gains might send the price toward the $102 level.

Another Decline In SOL?

If SOL fails to rise above the $88.80 resistance, it could continue to move down. Initial support on the downside is near the $84.50 zone. The first major support is near the $82.50 level.

A break below the $82.50 level might send the price toward the $80 support zone. If there is a close below the $80 support, the price could decline toward the $74 zone in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

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

Major Support Levels – $84.50 and $82.50.

Major Resistance Levels – $88.80 and $90.



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