Solana (SOL) Upside Builds, $90 Now Key Battleground
TL;DR
Solana's price has found support at $82.50 and is now consolidating above $85, with potential to rise further. A bullish trend line is forming, indicating possible upward movement if it clears key resistance levels at $85.80 and $88.00.
Key points
- Solana found support at $82.50
- SOL price is consolidating above $85
- Bullish trend line forming with support at $85.00
- Price could rise if it clears $85.80 and $88.00
- Recovery wave started above $84
Solana found support at $82.50 and corrected some losses. SOL price is now consolidating above $85 and might aim for a steady increase.
- SOL price started a decent recovery wave above $84 and $85 against the US Dollar.
- The price is now trading above $85 and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $85.00 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price could continue to move up if it clears $85.80 and $88.00.
Solana Price Starts Recovery
Solana price remained stable and started a decent recovery wave from $82.50, 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 $87.74 swing high to the $82.74 low. Besides, there is a bullish trend line forming with support at $85.00 on the hourly chart of the SOL/USD pair.
However, the bears are active near $85.80 and the 61.8% Fib retracement level of the downward move from the $87.74 swing high to the $82.74 low. Solana is now trading above $85 and the 100-hourly simple moving average.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is near the $85.80 level. The next major resistance is near the $86.50 level. 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 $95. Any more gains might send the price toward the $102 level.
Another Decline In SOL?
If SOL fails to rise above the $85.80 resistance, it could continue to move down. Initial support on the downside is near the $85 zone. The first major support is near the $84 level.
A break below the $84 level might send the price toward the $82.50 support zone. If there is a close below the $82.50 support, the price could decline toward the $77 zone in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours 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.
Q&A
What is the current price trend for Solana (SOL)?
Solana's price is currently in a recovery trend, consolidating above $85 after finding support at $82.50.
What key price levels should Solana (SOL) traders watch?
Traders should monitor the key resistance levels at $85.80 and $88.00 for potential upward movement.
How does Solana's price movement compare to Bitcoin and Ethereum?
Solana's price recovery mirrors that of Bitcoin and Ethereum, as it also started to climb after stabilizing at lower levels.
