Solana (SOL) Under Pressure As Downtrend Looks Ready To Resume

Solana failed to settle above $90 and trimmed some gains. SOL price is now facing hurdles near $88 and might decline again below $82.

• SOL price started a decent recovery wave above $78 and $82 against the US Dollar.
• The price is now trading below $85 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $85 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The price could continue to move up if it clears $85 and $90.

Solana price remained stable and started a decent recovery wave above $72, like Bitcoin and Ethereum. SOL was able to climb above the $80 level.

There was a move above the 50% Fib retracement level of the downward move from the $106 swing high to the $68 low. However, the bears are active near $90. The price is now moving lower below $88. There is also a key bearish trend line forming with resistance at $85 on the hourly chart of the SOL/USD pair.

Solana is now trading below $85 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $85 level and the trend line. The next major resistance is near the $92 level and the 61.8% Fib retracement level of the downward move from the $106 swing high to the $68 low.

The main resistance could be $96. A successful close above the $96 resistance zone could set the pace for another steady increase. The next key resistance is $105. Any more gains might send the price toward the $112 level.

If SOL fails to rise above the $85 resistance, it could continue to move down. Initial support on the downside is near the $82 zone. The first major support is near the $80 level.

A break below the $80 level might send the price toward the $75 support zone. If there is a close below the $75 support, the price could decline toward the $70 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 – $82 and $75.

Major Resistance Levels – $85 and $92.