Solana’s price has faced challenges in maintaining its position above the $90 threshold and has initiated a new downward trajectory, reflecting the trends observed in Bitcoin and Ethereum. SOL has fallen below the $88 and $86 levels. The bears have pushed the price down to almost $82. A low was set at $82.92, with the price now consolidating losses below the 23.6% Fibonacci retracement level of the drop from the $90.75 swing high to the $82.92 low.
Solana is presently trading below $86 and has dipped beneath the 100-hourly simple moving average. On the upside, immediate resistance is situated near the $85 threshold. A bearish trend line is emerging, indicating resistance at $85.50 on the hourly chart of the SOL/USD pair. The notable resistance ahead is set at approximately $86.80, aligning with the 50% Fibonacci retracement level of the drop from the $90.75 swing high to the $82.92 low. The primary resistance level is currently identified at $88. A successful close above the $88 resistance zone may set the stage for a further steady increase.
The imminent key resistance level is positioned at $90. Additional upward momentum may drive the price closer to the $92 threshold. If SOL fails to surpass the $86.80 resistance level, a continued downward trend could be on the horizon. Initial support on the downside is set at approximately $82.80. The primary notable support level is situated near the $82 threshold. A decline below the $82 mark may lead to a descent towards the $80 support zone. A drop beneath the $80 support level may initiate a downturn towards the $76 support in the short term.