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Solana (SOL) Faces Another Rejection, Is A Deeper Correction Ahead?
TL;DR
Solana's price has dropped below $85 after failing to hold above $90, with current trading around $82.92. A recovery may be possible if the price holds above $80.
Key points
- Solana price declined below $85 after failing to hold above $90
- Current price is around $82.92, consolidating losses
- Resistance forming at $85.50 on the hourly chart
Solana failed to settle above $90 and extended losses. SOL price is now consolidating losses below $85 and might struggle to start a recovery wave.
- SOL price started a fresh decline below $88 and $85 against the US Dollar.
- The price is now trading below $85 and the 100-hourly simple moving average.
- There is a bearish trend line forming with resistance at $85.50 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could start a recovery wave if the bulls defend $82 or $80.
Solana Price Dips Below $85
Solana price failed to remain stable above $90 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $88 and $86 levels.
The bears even pushed the price toward $82. A low was formed 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 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $85 level. There is also a bearish trend line forming with resistance at $85.50 on the hourly chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
The next major resistance is near 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 main resistance could be $88. A successful close above the $88 resistance zone could set the pace for another steady increase. The next key resistance is $90. Any more gains might send the price toward the $92 level.
More Losses In SOL?
If SOL fails to rise above the $86.80 resistance, it could continue to move down. Initial support on the downside is near the $82.80 zone. The first major support is near the $82 level.
Q&A
What is the current price of Solana (SOL)?
Solana's current price is consolidating below $85, specifically around $82.92.
What are the key resistance levels for Solana's price?
The key resistance level for Solana is at $85.50, with further resistance at $90.
What could trigger a recovery for Solana's price?
A recovery for Solana's price could occur if it holds above the support levels of $82 or $80.
