Solana failed to break above $90 and pared some gains. The price of SOL is now consolidating above $85, showing few signs of a downside.
- The SOL price started a decent recovery wave above $82 and $85 against the USD.
- The price is currently above $85 and above the 100 hourly moving average.
- On the hourly chart of the SOL/USD pair (data source from Kraken) there was a break above the main downtrend line with resistance at $85.50.
- If it clears $88 and $90, the price may go higher.
Solana price recovery efforts
The price of Solana remained stable and started a decent recovery wave above $82, like Bitcoin and Ethereum. SOL was able to break above the $85 level.
There was a move above the 50% Fib retracement level, which would limit the downside move from $94.10 to $80.29. Furthermore, a break was formed above the main downtrend line with resistance at $85.50 on the hourly chart of the SOL/USD pair.
However, bears are active near $88.80 and the 61.8% fib retracement level of the move down from $94.10 to $80.29 is below. Solana is currently trading above $85 with a simple 100 hourly 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 break above the $90 resistance zone could set up another solid bullish momentum. The next major resistance is $95. Any further gains could send the price to the $102 level.
Another SOL reduction?
If SOL fails to break above the $88.80 resistance, it may move lower. The primary support on the downside is near the $84.50 area. The first major support is near the $82.50 level.
A break from the $82.50 level could send the price to the $80 support zone. If it breaks below the $80 support, the price may drop to the $74 area in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels are $84.50 and $82.50.
The main resistance levels are $88.80 and $90.
