Solana failed to break above $86 and corrected its gains. SOL price is currently below $84 and the risk of further losses remains below $80.
The SOL price started to correct below $86 against the US dollar. The price is currently trading below $85 and the 100 hourly simple moving average. On the hourly chart of the SOL/USD pair, resistance is forming at $84 and a bearish trend line is forming (data source: Kraken). Losses may widen if the price falls below the $80 zone.
Solana prices fall further
Solana’s price failed to rise above $90 and began a downward correction similar to Bitcoin and Ethereum. SOL fell below $88 and $86, entering the short-term bearish zone.
There was a move below the 61.8% Fib retracement level of the upwave from the swing low of $76.55 to the high of $91.20. The price even tested the $80 support. Additionally, there is resistance forming at $84 on the hourly chart of the SOL/USD pair, forming a bearish trend line.
Solana is currently trading below its $84 and 100 hourly simple moving average. On the upside, the price is facing resistance near the $83 level. The next major resistance level is near the $84 level. The main resistance level could be at $85.60. A close above the $85.60 resistance zone could set the pace for another steady rise. The next major resistance level is $88. Any further rise could send the price towards the $92 level.
More SOL losses?
If SOL fails to break above the $85 resistance level, further decline could begin. Initial support on the downside is near the $80 zone and the 76.4% Fib retracement level of the upwave from the swing low of $76.55 to the high of $91.20. The first major support is located around the $79 level.
Below the $79 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 – MACD for SOL/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – $80 and $79.
Key resistance levels – $85 and $88.
