Solana’s price has shown stability and initiated a notable recovery wave from $77, mirroring the movements of Bitcoin and Ethereum. SOL successfully surged past the $80 mark. A move has occurred above the 50% Fibonacci retracement level of the downward trend from the $86.63 swing high to the $76.70 low. Additionally, a significant break occurred above a crucial bearish trend line, with resistance identified at $80 on the hourly chart of the SOL/USD pair.
However, the bears are making their presence felt near $82.80. Solana has surged past the $80 mark, now trading above the 100-hourly simple moving average. On the upside, immediate resistance is positioned around the $82.80 mark, coinciding with the 61.8% Fibonacci retracement level of the decline from the $86.63 swing high to the $76.70 low. The upcoming significant resistance is around the $85 mark. The primary resistance level appears to be $88. A successful close above the $88 resistance zone may pave the way for a further steady rise. The upcoming critical resistance level stands at $95. Further gains could propel the price to the $102 mark.
If SOL does not break through the $82.80 resistance level, it may face further downward movement. Initial support on the downside hovers around the $80 zone. The initial significant support is located around the $77 mark. A drop beneath the $77 threshold could push the price down to the $75 support area. A close below the $75 support could trigger a decline toward the $66 zone in the near term.