Solana’s price struggled to maintain stability above $93 and has initiated a new downward trend, similar to the movements observed in Bitcoin and Ethereum. SOL has dropped beneath the $90 and $88 thresholds. The bears have driven the price down to nearly $85. A low was established at $85.42, and the price is currently consolidating losses beneath the 23.6% Fibonacci retracement level of the downward movement from the $93.40 swing high to the $85.42 low.
Solana is currently positioned under $88 and the 100-hourly simple moving average. On the upside, immediate resistance is positioned around the $88 level. A significant bearish trend line is taking shape, presenting resistance at $88 on the hourly chart for the SOL/USD pair. The upcoming significant resistance is around the $89.40 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $93.40 swing high to the $85.42 low. The primary resistance level appears to be $92. A successful close above the $92 resistance zone might pave the way for another steady increase. The next significant resistance level stands at $95. Further gains could propel the price towards the $102 mark.
If SOL does not manage to break through the $88 resistance, it may face further declines. Initial support on the downside is positioned around the $85 zone. The initial significant support is around the $82 mark. A dip beneath the $82 threshold could propel the price down to the $80 support area. A close below the $80 support level could signal a potential decline toward the $74 support in the near term.