Solana failed to break above $90 and corrected its gains. SOL price is still above $85 and may attempt further gains in the near future.
The SOL price fell below $90 against the US dollar and started a downward correction. The price is currently trading above $85 and the 100 hourly simple moving average. On the hourly chart of the SOL/USD pair, there is an ascending channel forming resistance at $88 (data source: Kraken). Losses may widen if the price falls below the $85 zone.
Solana price begins to correct downwards
Solana’s price failed to rise above $92 and began a downward correction similar to Bitcoin and Ethereum. SOL fell below $90 and $88, entering the short-term bearish zone.
There was a move below the 50% Fib retracement level of the upwave from the swing low of $76.54 to the high of $91.20. However, the bulls were active above the $82 support. The price was set back over $85. On the hourly chart of SOL/USD, there is also an ascending channel forming resistance at $88.
Solana is currently trading above $85 and its 100 hourly simple moving average. On the upside, the price is facing resistance near the $88 level. The next major resistance level is near the $90 level. The main resistance level could be at $92. A close above the $92 resistance zone could set the pace for another steady rise. The next major resistance level is $95. Any further rise could send the price towards the $102 level.
Another decline in SOL?
If SOL fails to break above the $92 resistance level, further decline could begin. The first support on the downside is near the $85 zone. The first major support is near the $82 level, or the 61.8% Fib retracement level of the upwave from the swing low of $76.54 to the high of $91.20.
Below the $82 level, the price may head towards the $76.50 support zone. If the closing price falls below the support at $76.50, the price could fall towards the support at $72 in the short term.
technical indicators
Hourly MACD – The MACD for SOL/USD is pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – $85 and $82.
Key resistance levels – $88 and $92.
